Hyundai sales slip in August

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Sep 9, 2011

Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai cars in the Philippines, ended August on a low note as supply constraints continued to hurt sales.

HARI said January to August sales were down four percent versus the same period last year with only 13,271 units moving out of the showroom in the past seven months.

In August alone, the drop in sales was 26 percent with only 1,419 units sold from 1,921 units on the same month last year.

Hyundai August 2011 sales

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"Combined with the seasonal downtrend in auto sales for August, global demand-supply gap continues to affect the timeliness of product delivery, which in turn leads to increased unmet orders for HARI and deter more positive sales outcomes," the company said in a statement.

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It added that passenger car sales, which were down 47 percent last month, were also affected by the stoppage of the Getz production.

Commercial-vehicle sales, on the other hand, were up three percent in August with the continued popularity of the Grand Starex and Tucson.

HARI is optimistic about the growth potential presented by the last four months of the year as liquidity is usually high due to bonuses and the influx of remittances from overseas Filipinos.

"For the remainder of the year, we expect that with a more favorable supply situation, we will be able to keep our sales performance on a positive growth track," said HARI president and chief executive Maria Fe Perez-Agudo.

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