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Hyundai Officially Enters Philippines Commercial Vehicles Sector

Published On Feb 22, 2016By Prashant Talreja

Hyundai Asia Resources Inc (HARI) is now the authorized distributor of all Hyundai's commercial vehicles in the Philippine market. Hyundai Motor Corporation made this announcement official on Monday. This only extends the distribution network HARI to commercial Vehicles from Passenger Cars and LCVs. Initially, HARI will be distributing six CV models including HD65, HD72 and HD78 (in light trucks category) and HD270 Dump, H350 bus and 29-seater County (in heavy duty trucks category).

Ma. Fe Perez-Agudo, President & CEO, HARI, said, “We are looking about to start 800 units this year. On the fifth year, we are looking at 10 percent market share. So that’s our projection.”

The Philippines commercial vehicle market is currently dominated by Japanese brands like Isuzu and Hino. Quoting on this, Perez-Agudo added, “As we look at the market, there’s a strong potential for us to really grow the commercial vehicle business in the Philippines.”

The South Korean firm is also taking an advantage of ASEAN-Korea Free Trade Agreement (AKFTA) that contributed for the decrease of tariff rate for commercial vehicles from 20 percent to 5 percent and thus making the market prices competitive.

Perez-Agudo said, “HARI’s entry into the commercial vehicle sector is our contribution to nurturing a fair, transparent, and competitive market that advances competition and upholds consumer welfare. This is an advocacy closest to the heart of HARI as a major player in the Philippine automotive industry.”

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