Hyundai sales rise 1.5% in Jan-Feb 2018

MANILA, Philippines — Hyundai Asia Resources Inc. (HARI) posted a slight uptick in sales in the first two months of the year despite higher vehicle prices due to the new tax reform law.

The local Hyundai distributor said yesterday sales from January to February improved 1.5 percent to 5,552 units from 5,470 units in the same period last year.

For the month of February, the company sold 2,649 units, 0.2 percent lower from 2,653 units in the same month last year.

HARI said the government’s Build Build Build program, which is showing signs of accelerating, has cushioned any negative effects from rational expectations brought about by the recently implemented tax restructuring.

The company said year-to-date figures show “positive growth in the face of a weakening currency and the increasing prices.”

“It just goes to show the brand’s capacity in seizing opportunities to generate good numbers in the coming months,” the firm said.

HARI’s passenger car segment served as main driver of sales in the two-month period, accounting for almost three-fourths of the total units sold at 4,002 units. The Accent model sold 2,363 units during the period.

Although the light commercial vehicles segment recorded only a fourth of the brand’s total sales at 1,550 units, all its models, led by the Grand Starex which sold 512 units, registered positive growth, according to HARI.

“February gives us a consistent start in 2018. This only shows the trust and commitment our customers have to our high-quality, best-in-class and customer-focused products and services,” HARI president and CEO Ma. Fe Perez-Agudo said.