Hyundai PH wrapped up the first half of 2018 with 15,957 unit sales. Compared to last year, the company has experienced a slight drop of 8.1% in sales. The first semester results indicated a 10% decrease for the Passenger Car (PC) segment, while the Light Commercial Vehicle (LCV) segment performed better than the first semester of 2017 with only 3.9% slowdown.
Despite the minimal dip in sales, Eon and Accent remained as the Korean marque’s best-selling nameplates in the country. In the second quarter, the PC segment contributed more than two-thirds of the total Hyundai vehicle sales.
The LCV segment, on the other hand, gathered the remaining one-third of the market sales. Even though the LCV section shared lesser percentage in sales, it’s also the unit that has improved by 4.9%. From 2,472 units last year, the LCV segment accumulated a rise of 2,593 vehicle sales this year. This growth in figures is boosted by H-100, which is the only Hyundai model that has increased in both first semester and second quarter, with 36.6% and 88% respectively.
With the continuous fall in peso value, increase in imported fuel prices, higher inflation rate, and other seasonal factors, there’s no doubt that it will affect the consumer demand in the automotive industry, not to mention the TRAIN Law.
Nevertheless, Hyundai remains positive because of the growing investments of the government with its “Build, Build, Build” program. This ongoing project of the administration will have an effect on domestic demand and a stable labor market, so the Korean brand expects the automotive sales to catch up in the coming months.
“Hyundai’s 1 st semester sales remain consistent with the trend in the industry. Nonetheless, we are confident that we can continue to respond to these challenges and certainly delight our consumers with our improved array of products and services as we are expecting greater potential for the rest of the year.”
Ma. Fe Perez-Agudo President and CEO of Hyundai Asia Resources, Inc. (HARI)
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