HYUNDAI Asia Resources, Inc. (HARI) reported a 12.5% rise in first-quarter sales, driven by a reinvigorated local demand for light commercial vehicles (LCVs), trucks and buses.
In a statement on Monday, the official distributor of Hyundai vehicles in the Philippines said sales reached 9,949 units during the January to March period, up from the 8,847 units in the comparable period in 2018.
In March, HARI sold 3,412 units, a 5.9% increase from March 2018’s 3,223 units.
For the passenger car (PC) segment, HARI saw a 12.9% drop in sales to 5,404 units from 6,205 units during the three-month period. PC sales slumped 13% to 1,914 units in March.
However, strong demand for the Reina helped offset the slump in Accent, Elantra and Eon sales. To date, the Reina, launched in February, has sold 1,576 units, accounting for nearly 16% of HARI’s total first-quarter sales.
Meanwhile, sales of Accent models dropped 8.93% to 3,551 units from 3,899 units. The model still accounted for the segment’s bulk at 65.71% in the first quarter.
The LCV segment posted a 70.5% surge, selling 4,306 units in the first quarter, against the 2,526 units sold in the same period last year. In March, sales of LCVs increased 45% to 1,413.
HARI said the LCV sales were driven by the Kona Crossover (1,043 units sold in the first quarter) and H1-000 (1,901 units sold, up 93% year on year). The Kona Crossover and the H1-000 account for 24% and 44% of LCV sales, respectively.
HARI reported sales of commercial vehicles (CV) more than doubled to 239 units in the first quarter, of which H250 accounted for 112 units.
“Driving the ascent of Philippine business is Hyundai’s trucks and buses which closely mirrors the buildup in economic activity as a result of the government’s infrastructure program,” the company said.
HARI said it may establish seven more local dealerships that will mainly sell commercial vehicles, adding to its current portfolio of six CV-dedicated dealerships. — Janina C. Lim