Sunday, July 14, 2019

Hyundai Philippines Sales Grow 9.1 Percent


Hyundai Asia Resources, Inc., the exclusive distributor of Hyundai passenger cars and commercial vehicles in the country sustained its strong recovery in the first half of 2019 as they see sales rise 9.1 percent to 17,654 units compared to 16,181 units over the same period last year.

Despite being lifted by a strong performance in the light commercial vehicle (LCV) and commercial vehicle (CV) segments, overall sales in June 2019 remained flat with 2,868 units sold.

“We are invigorated to note that our sales performance is still better than industry, which is showing a minor increase, after recovering from a tepid 2018. Despite this flat growth in June, we believe that auto sales will continue to get better in the coming months buoyed by higher infrastructure spending, lower inflation, and increased consumer confidence,” HARI President and CEO Ma. Fe Perez-Agudo said.

Hyundai Passenger Cars (PC) still account for a little over half of total Hyundai sales driven mostly by the Accent and the Reina. However, overall PC sales remained soft, dipping 12.7 percent to 9,458 units from January to June 2019.

The light commercial vehicle segment (LCV), populated by the likes of the Kona, Santa Fe, and H100 continue to drive Hyundai’s sales, growing by 50.2 percent (7,690 units) this year compared to 5,119 units last year. Meanwhile, Hyundai’s commercial vehicles (CV) segment grew 125.9 percent and 42 percent in year-to-date and year-on-year, respectively. The brand’s strong commercial vehicle performance will see them add 8 additional dedicated truck and bus dealerships by the end of 2020.

Furthermore, Hyundai sees stronger CV sales due to the government’s PUV Modernization Program where Hyundai is offering its Class-1 Modern Jeepney and “Forma Novus” Class-2 Modern Jeepney.

With its solid performance thus far, Hyundai is now readying itself with the launch of both electric and hybrid vehicles.

“Already, the Philippines and South Korea are working to forge a bilateral free trade agreement (FTA) that will pave the way for increased market access, including automotive products. On our part, we continue to work closely with industry and government partners to help create an environment that will spur the development of the country’s EV industry,” Ms. Agudo ended.

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