Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the country managed to render a total of 2,758 vehicles for the first month of 2019. With January sales showing a 5.0% and 6.7% plunge on the year-on-year and month-on-month periods, respectively.
Passenger cars delivered drastically decreased figures, from the hefty 2,036 units sold last January 2018 to a middling 1,443 units in January 2019; numbers which declined this segment by 29.1%.
Given the circumstances, the brand sees a bright future ahead for its passenger cars, provided by the continuous expansion of its lineup, including the all-new Accent, which should maintain a consistent demand for the brand’s popular sedans, and the Reina which is expected to uplift the segment’s sales figures coming months.
Moreover, the brand’s Light Commercial Vehicle (LCV) segment had a 51.7% sales growth from the previously recorded 867 units in January 2018, currently translating to a hefty 1,315 units during the same period of this year. Notably, the segment’s performance was strengthened by the heightened demand for the H-100and the addition of the Kona.
Given such factors as to last year’s macroeconomic performance, potential markets are then cautious to engage in spending for big ticket items, including cars. On the side note, this is expected to improve in time, with inflation rates beginning to ease, notably dropping to 4.4% last January 2019. These numbers portray the slowly dissolving effects of Tax Reform for Acceleration and Inclusion (TRAIN).
Bottomline wise, Hyundai remains optimistic. Given the positive economic outlook plus the recent expansion of its model lineup which could positively garner higher demand for the brand’s vehicles.
“The outlook for the Philippine automotive industry remains optimistic as macroeconomic headwinds begin to ease. Hyundai stands resolute as it brings in new and market-leading products to take advantage of the opportunities laid out in 2019.”
Ma. Fe Perez-Agudo HARI President and CEO
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