Hyundai makes inroads in commercial vehicle segment

MANILA, Philippines — The official distributor of Hyundai vehicles in the country now ranks third in the commercial vehicle (CV) market as its truck and bus sales accelerated by 673 percent in the four months to April.

Hyundai Asia Resources Inc. (HARI) said in a statement it accounted for 19 percent of the CV market in the January to April period as it sold a total of 711 CV units, up from just 92 units in the same period  last year.

The significant increase in sales led to the brand taking the top third spot in the CV segment.

For trucks in particular, HARI is on third place through its 18 percent market share with sales of 658 units as of end-April, 1,780 percent higher year-on-year.

Driving HARI’s truck sales were the HD36L Maxculado, HD65 and HD65X, and Xcient trucks which are competing in Categories III, IV-A and V, respectively.

Meanwhile, HARI dominated the bus segment as it accounted for a 76.5 percent market share through its sales of 52 units.

Majority of the buses sold by HARI for the period was accounted for by the County.

HARI president and chief executive officer Ma. Fe Perez-Agudo said the increase in the firm’s sales and market share shows the strong preference for the Korean automotive brand, as well as demand from businesses.

“We welcome this new achievement of Hyundai trucks and buses in the Philippines as a big win, not only for us at HARI and our dealer network, but even more inspiring, this is a triumphant milestone for Filipino entrepreneurs, because of their boldness to keep on going by partnering with brands like Hyundai to help move the economy for the better in every way possible,” she said.