Hyundai Philippines Sees 90% Growth in Sales
THE LOCAL arm of Korean car maker Hyundai Motor Co. expects to surpass the industry growth forecast by ending the year with nearly double their 2009 figure, a ranking official said late on Thursday.
Demand for the brand has reportedly been so strong that the company will be hiking prices for its best sellers and growing its dealership network next year, Hyundai Asia Resources, Inc. (HARI) President and CEO Maria Fe Perez-Agudo said.
HARI aims to hit 20,000-unit sales by end-December, a 90% increase from the previous year, Ms. Perez-Agudo said at the sidelines of a car launch.
This is faster than the 28% growth forecast of the Chamber of Automotive Manufacturers of the Philippines, Inc. for the entire automotive industry.
The Hyundai importer’s target performance could also firmly dislodge Honda Cars Philippines, Inc. from its 2009 position as the local industry’s third top seller, with HARI already occupying this rung since March.
HARI sales would have been even higher if there wasn’t a global shortage of the in-demand Tucson, the company’s compact sports utility vehicle, Ms. Perez-Agudo added.
“I have 5,000 back orders I cannot serve…The problem is the shortage is global,” she said of the SUV model that accounts for a quarter of HARI’s total sales.
“We will surely raise [Tucson's price]. It was an introductory price. Usually it’s a 2-5% increase,” she said.
Moving forward, HARI hopes to match the 2010 sales growth with the introduction of a tweaked sedan variant and the roll out of its loyalty program.
“Next quarter we hope we will serve the back orders,” Ms. Perez-Agudo said.
“We’re hopeful,” she added when asked whether a repeat performance of the 2010 sales growth target was possible in 2011.
“We hope to benefit from the current administration’s policies,” she said.
Sales from the newly launched Accent sedan should also contribute to the 2011 figure, Ms. Perez-Agudo added.
HARI aims to sell 500 units of the new sedan a month with commercial volumes arriving in January, she said.It will go for an introductory price of P588,000 for the 1.4-liter manual variant and P788,000 for the 1.6-liter automatic variant.
The Accent brings HARI closer to offering a complete line up with just a pick-up truck and a new Asian utility vehicle missing, Ms. Perez-Agudo said.
Jessica Anne D. Hermosa, Business World Online
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Hi I think it’s now the time for Hyundai Korea to give something to the Filipinos as among their most important growth area worldwide given the tremendous support of Filipino buyers worldwide. Please have a manufacturing facility here where it can produce it’s local bestsellers as the Tucson, Accent or maybe a pick-up truck or AUV/MPV model which is a sure hit in Philippine market as history prove it., same thing to what Mitsubishi,Nissan, Toyota,Honda,Isuzu have done years ago. (not all of these are selling well locally, but they keep helping the Filipino people as sign of their payback. Hope to see it in 3 years time. Godspeed!