Hyundai Asia Resources, Inc. (HARI) said insufficient supply of light commercial vehicles (LCV) continued to drag sales figure of the company.
As of end-October, Hyundai sales in the Philippines stood at 16,705 units. This is two percent lower than sales made by the company from January to October last year.
In the last ten months, Hyundai's passenger-car sales grew six percent from last year at 8,474 units. LCV sales, on the other hand, were down 10 percent at 8,231.
"Inventory arrivals of the i10, Accent and Elantra pushed passenger-car (PC) sales in October, resulting in a six-percent growth in total PC sales," HARI said. "The strong showing of the PC segment outweighed the weakness in the LCV market and mitigated largely the supply-related drag on the sales outcome for the first ten months of the year."
Hyundai's passenger-car sales surged 55 percent to 1,247 units from 811 units in September. Low supply in midsize sport-utility vehicles and passenger vans largely led to the 23 percent decline in LCV sales last month.
While numbers remain relatively weak versus 2010 sales, Hyundai is optimistic about its performance toward the end of the year.
"Improved supply situation combined with our sustained efforts to raise our brand image and further boost excellence in the quality of our services and customer satisfaction delivered our expectations of strong growth this October," said HARI president and chief executive Maria Fe Perez-Agudo. This bodes well for our year-end performance, which should benefit from a positive consumer outlook stemming from increased cash flow triggered by holiday bonuses and remittance flows."