HYUNDAI Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, reported a six percent drop in sales in the first ten months of 2019.
In a statement, HARI said it sold 27,618 units in the January to October period compared to 29,407 sold in the same period a year ago.
In October alone, HARI saw sales rise 17% to 2,856 units from the previous month.
HARI said that it remains optimistic despite the year-to-date drop, as it expects a lift in the last two months from seasonal consumer spending, benign inflation, and lower interest rates.
“While we don’t compete in some segments of the market (e.g. pick-ups), our volumes remain strong, underpinned by the quality of our vehicles and our focus on excellent after-sales services. Our models per segment remain competitive and this bodes well for the Hyundai brand in the Philippines,” HARI President and CEO Ma. Fe Perez-Agudo said.
Year-to-date sales of light commercial vehicles (LCV) in October rose 1.5% to 12,331 units compared to the same period last year. Led by sales of the compact SUV Hyundai Kona and light truck Hyundai H-100, monthly LCV sales grew by 22.7% to 1,359 units from the previous year.
For passenger cars (PC), year-to-date sales fell to 14,560 units, which HARI attributed to consumer preferences for larger vehicles. Month-on-month, PC sales grew by 13.7% to 1,457 units due to Hyundai Reina and Hyundai Accent sales.
Sales of commercial vehicles (CV) grew 86.6% to 727 units sold in the first ten months compared to the same period last year, while month-on-month sales dropped by nearly seven percent.
While sales of commercial vehicles are mostly led by Hyundai buses such as Hyundai County, the company said that it expects higher sales after the recent rollout of its Class 2 Modern Jeepney.
“With the transport department’s support and high demand from transport cooperatives, our modern jeepneys will contribute to our growth over the medium-term. We are excited to give Filipino commuters the new King of the Road,” Ms. Agudo said.
“Combined with the acceleration of the government’s infrastructure projects, our CV business is poised to expand and provide fresh avenues of growth.” — J. P. Ibañez