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Hyundai PH closes Q2 2019 strong despite industry sales stump

It's definitely going to be an uphill battle

Joey Deriquito on Jul 17, 2019

Hyundai Asia Resources, Inc. (HARI) had a 9.1% increase in sales reaching 17,654 units sold despite setbacks in sales earlier this year. This is compared to its previous sales numbers of 16,181 units in the same period last year. This sales increase was attributed to Light Commercial Vehicles (LCV) and Commercial Vehicles (CV)

Related: Hyundai Philippines opens 2019 with a sales slowdown

We are invigorated to note that our sales performance is still better than industry, which is showing a minor increase, after recovering from a tepid 2018. Despite this flat growth in June, we believe that auto sales will continue to get better in the coming months buoyed by higher infrastructure spending, lower inflation, and increased consumer confidence

Ma. Fe Perez-Agudo
HARI President and CEO

Light commercial vehicles remain one of HARI's key sources of growth, growing by 50.2% from 5,119 units sold last year to 7,690 units this year. This growth has been attributed to the sales of the Kona, Santa Fe, and the H100.

Hyundai Philippines’ commercial vehicle segment growth has been attributed to an expanding dealership network, currently at 11 nationwide. Growth came in by a 125.9% and 42% growth rate shown by the year-to-date sales figures. HARI aims to add an additional eight dedicated commercial vehicle dealerships across the Philippines to promote growth in key areas by the end of 2020.

The company expects further sales to be boosted by it's Hyundai Modern Jeepneys with the implementation of the Public Utility Vehicle Modernization Program. The Hyundai Class-1 Modern Jeepney and the Hyundai "Forma Novus" Class-2 Modern Jeepney guarantee passenger safety and comfort. These modern-day jeeps are custom-built to meet the requirements of the Department of Trade and Industry's Bureau of Philippine Standards

Over half of HARI’s company sales comes from passenger cars. This was led by the sales of the Accent, which continues to be one of the company's strong volume sales vehicles. Not to be left out, the all-new Reina offers to be a popular choice for entry-level buyers and Transport Network Vehicle Service companies. Unfortunately, sales from January to June 2019 dipped by 12.7% to only 9,458 units being sold. This will be an uphill battle if HARI wants to increase its sales over last year.