Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines has sold 19,790 units in the first seven months of 2019, equivalent to a 2 percent growth compared to the same period last year.
The distributor says its resilient performance is down to continued strong business in the Light Commercial Vehicle (LCV) and Commercial Vehicle (CV) segments. Meanwhile, their Passenger Car (PC) business is buoyed mainly by the Accent and Reina which were launched early this year.
“This year has been challenging for the automotive industry but Hyundai’s modest growth reflects its resilience and strong brand anchored on reliable and comfortable vehicles, superior customer service, and continuing programs to ensure worry-free ownership,” HARI President and CEO Ma. Fe Perez-Agudo said.
Hyundai’s LCV segment grew 28 percent to 8,645 units. The Kona is now one of the best-selling SUVs in the market selling 2,455 units in seven months, reflecting a growth of 474 percent. That said, it’s the H-100 that remains the main driver, selling 3,860 units—a 64 percent growth compared to last year. However, Hyundai’s PC sales decreased 15.4 percent to 10,565 units. Out of this, the Accent and Reina contributed to 10,189 units sold or 96.4 percent of the total PC volume. The Accent remains HARI’s best-selling nameplate.
The CV segment continues to be a key growth driver with sales growing by 140 percent in the first seven months of the year compared to the same period in 2018. CV sales hit 580 units driven by increased economic activity, especially from small-to-medium enterprises (SMEs).
“We expect higher demand for Hyundai vehicles over the medium-term as we see lower inflation and interest rates. While others are taking a wait-and-see position, we are pushing ahead with our expansion programs which include the opening of three new dealerships in central and northern Luzon over the next few months,” Ms. Agudo added.
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