Hyundai Asia Resources, Inc. (HARI) the official distributor of Hyundai vehicles in the Philippines, sold 19,790 units in the first seven months of 2019. This is equivalent to a two percent growth versus 19,478 units that the company sold in the same period last year.
Hyundai’s resilient performance for the year can be attributed to its strong sales in major segments in the automotive market. The segments that HARI was able to excel in the light commercial vehicle (LCV) and commercial vehicle (CV) segments. Over in the passenger segment, Hyundai’s Accent became its main source of sales along with the Reina, which went on sale earlier this year.
The LCV segment grew by 28 percent in the first seven months of 2019 to 8,645 units. Hyundai’s globally-awarded crossover the Kona saw an increase in sales as its sales figures grew 474 percent over the first half of 2019 with 2,455 units sold. Over on the commercial vehicle segment, the H-100 remains the largest contributor to its segment with 3,860 units sold. It accounts for a 64 percent growth of year-to-date sales for the vehicle.
Sales in Hyundai’s passenger car segment, however, have decreased by 15.4 percent to 10,565 units on a year-to-date basis as of July. The automotive market continues to shift toward crossovers and SUVs from midsize sedans. Despite the shift toward crossovers and SUVs, the market is still welcoming toward subcompact sedans, as shown by the sales of the Reina and the Accent. These two vehicles contributed to more than half of the sales of the company for the first seven months of 2019. The Accent continues to be the company’s number one selling vehicle due to its styling, power, and fuel efficiency in a subcompact package.
The CV segment, on the other hand, continues to be a key source of growth for Hyundai, as its sales in that segment has grown by 140 percent in the first seven months of 2019 compared to the previous year. The CV sales hit 580 units and the company believes this is due to the increased economic activity in the country, especially from small-to-medium enterprises.