Hyundai sales rise 1.6% in 7 months

MANILA, Philippines — Sales of South Korea’s Hyundai vehicles in the country went up 1.6 percent in the seven months to July this year on strong demand for its commercial vehicle models.

Local distributor Hyundai Asia Resources Inc. (HARI) said in a statement yesterday it sold 19,790 vehicles as of end-July, slightly higher than the 19,478 units in the same period last year.

It said growth in sales was driven by the light commercial vehicle (LCV) and CV segments as LCV sales rose 28 percent to 8,645 units in the seven-month period from the previous year’s 6,749 units, while CV sales surged 140 percent to 580 units from 242 units last year, with demand particularly from small to medium enterprises.

The company attributes the strong LCV segment performance to its Kona sports utility vehicle which registered a 474 percent increase to 2,455 units, as well as the H-100 with a 64 percent growth year-on-year to 3,860 units.

Meanwhile, HARI’s passenger car sales was still down 15 percent to 10,565 units in the January to July period from 12,487 units a year ago.

“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 chief executive officer Ma. Fe Perez-Agudo said.

She said HARI aims to end the year with a strong sales performance.

“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,” Agudo said.

Earlier, she said HARI expects total sales to reach 40,000 to 45,000 units this year, to reverse the six percent decline to 35,401 units last year from 37,678 units in 2017.

Like most automotive companies in the country, HARI registered lower sales last year due to weak demand for cars following government’s move to impose higher taxes on automobiles under the tax reform program.