Recovery seen for Hyundai sales in PHL
HYUNDAI ASIA Resources, Inc. (HARI), official distributor of Hyundai in the country, sees sales recovering this year after registering two years of flat growth, with South Korea’s Hyundai Motor Company likely to make a decision soon on whether to make the Philippines a key manufacturing hub for Southeast Asia.
On the sidelines of the Manila International Auto Show in Pasay City on Thursday, Ma. Fe Perez-Agudo, president and chief executive officer of HARI, told reporters vehicle sales could reach 35,000 units this year, 58% higher from the level seen in 2015, driven by the brands Eon, Accent, Starex and Tucson.
“We are very optimistic because of the ASEAN-Korea Free Trade Agreement. Our taxes right now has dropped from 20% to 5% that has made our pricing very competitive,” Ms. Agudo said.
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