Hyundai Asia Resources, Inc. (HARI), revealed that they've sold 2,856 units in October-a 17.4% growth versus September. Despite the increase, it's still a 6% dip or 27,618 units sold in the first 10 months of the year versus the same period in 2018.
"While we don't compete in some segments of the market (e.g. pick-ups), our volumes remain strong, underpinned by the quality of our vehicles and our focus on excellent after-sales services. Our models per segment remain competitive and this bodes well for the Hyundai brand in the Philippines," Ma. Fe Perez-Agudo, president and chief executive officer, said.
For the month of October versus September, Light Commercial Vehicle (LCV) sales grew by 22.7% to 1,359 units sold fueled by the Hyundai Kona and Hyundai H-100, which are the best-selling models in their respective segments. Year-to-date October 2019, LCV sales grew by 1.5% with 12,331 units sold.
Month-on-month, Passenger Car (PC) sales grew by 13.7% to 1,457 units with increased sales of the Hyundai Reina and Accent. The Reina, which was only launched in February this year, is now a solid No. 2 in its segment in terms of sales. Meanwhile, the Accent remains the volume driver for the company with its fuel efficiency and style. Year to date-October PC sales hit only 14,560 units reflecting an industry-wide decrease in this sector as consumer preferences were skewed towards larger vehicles.
While HARI's CV sales dropped by nearly 7% in October, sales in the first ten months of the year were robust posting an 86.6% increase equivalent to 727 units sold. Hyundai Buses (e.g. Hyundai County) spearheaded this growth. The company expects even higher sales with the roll-off of its first Class 2 Modern Jeepney recently.
"With DOTR's support and high demand from transport cooperatives, our Modern Jeepneys will contribute to our growth over the medium-term. We are excited to give Filipino commuters the new King of the Road," Ms. Agudo said.
"Combined with the acceleration of the government's infrastructure projects, our CV business is poised to expand and provide fresh avenues of growth," Ms. Agudo ended.