Hyundai Asia Resources Inc. (HARI) the official distributor of Hyundai vehicles and parts in the country, has reported a 17 percent growth in sales in October 2019 or 2,856 units sold versus September.
The Korean manufacturer sold 27,618 units in the first ten months of 2019. This, however, represents a dip of 6 percent versus what the car company was able to sell during the same period last year.
Despite the drop in sales, HARI remains optimistic that it can sustain its momentum in the last two months of the 2019 calendar year. The last two months the year are often profitable for retailers as there is a growth in customer spending, benign inflation, and lower interest rates.
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
For the month of October, the Korean car manufacturer’s light commercial vehicle (LCV) sales grew by 22.7 percent to 1,359 units sold versus September. This segment was fueled by the Hyundai Kona crossover and the Hyundai H-100 light truck. These are the best-selling models in their respective segments. Year-to-date October 2019 LCV sales grew by 1.5 percent with 12,331 units sold.
For Month-on-month, Passenger Car (PC) sales grew by 13.7 percent to 1,457 units, getting boosts from the Hyundai Reina and the all-new Hyundai Accent. The Reina, which was launched in February 2019, has taken the number two spot in its segment according to Hyundai. The Accent, on the other hand, remains the volume driver for the Korean carmaker. The company’s year-to-date sales hit only 14,560 units reflecting an industry-wide decrease in the passenger car segment. This may also indicate that consumers have more preferences toward bigger vehicles.
Over at the Commercial Vehicle (CV) segment, HARI’s sales dropped by nearly 7 percent in October, but the company had a strong showing In the first ten months of the year. The company posted an 86.6 percent increase which equates to 727 units sold. Leading the charge in this segment was the Hyundai Buses. The company expects even higher sales with the launch of the roll-off of its first Class 2 Modern Jeepney. The modern public utility vehicle features roof-mounted air conditioning, Wi-Fi, GPS tracking, CCTV cameras, a 7-inch monitor, and a speed limiter. The vehicle can accommodate 22 seat passengers including the driver as well as 8 to 10 standing commuters.