Tuesday, September 01, 2015

Hyundai Records Increase In Sales

Hyundai had a slight uptick in sales for the month of July with 24 vehicles which helped increase market share by 0.2% year on year amid a dip in motor industry.

Speaking at the launch of the new 2 litre engine Hyundai Tucson 2016 model on Friday in Harare, the CFAO Motors Zimbabwe group marketing manager Lindsay Ehrich said the sales for Hyundai were slightly higher despite a 12% dip in the motor industry as a whole.

“We have ordered 13 of the new models, six in total in the range, three petrol and three diesel vehicles. They range from 4 by 2 GL manual petrol model right up to the 4 by 4 GLS automatic diesel model. We have sold four units to date and have a lot of interests in the model,” Ehrich said.

“We have a lot of orders that we are anticipating with these 13 models being brought into the country being the first shipment.”

CFAO Motors are the licensed dealers in the country for Hyundai motor vehicles and have seen an increase in its sales of the brand to 157 vehicles to date from 153 over the same timeframe last year.

As a result of the slight boost, CFAO launched the 2016 Hyundai Tucson 2 litre engine selling four out of the 13 vehicles since the shipment landed on August 18.

The vehicles range from $35 000 for the entry level petrol up to $53 000 for the higher spec diesel.

Sales for Hyundai are averaging 25 vehicles a month and Ehrich said CFAO was anticipating heightened interest for the SUV Range of vehicle which they say was resonating well with the public.

She said CFAO expect to order between eight and 10 vehicles next month.

“We are going to be targeting your ladies, mothers, and companies. I think the product (new Tucson) can be anyone’s vehicle if you look at it,” Ehrich said.

Leading companies in the motor industry have been complaining about the lack of appropriate finance for customers to purchase vehicles citing high interest rates, prevailing liquidity shortages, and open lines of credit.

Ehrich said customers were seeking open lines of credit and other finance options but it was not easy to come by and thus having a negative effect on the company’s sales.

“Things are tough in Zimbabwe at the moment and I think a big factor for all of us in this new vehicle industry is lack of open lines of credit, high interests rates which all play a part with us, not many people can afford to pay cash for a $50 000 plus car,” Ehrich said.

Ehrich was hopeful that new Hyundai Tucson would do well as the old model was its number one product.

“We do not expect that to change with this model (Hyundai Tucson new model), we have managed to secure very competitive pricing and we now have a diesel model which is much more economical,” Ehrich said.

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