Hyundai Philippines experiences 2% growth in first 7 months of 2019

Sep 12, 2019 | Same topic: Up-to-date consumer reports
Hyundai Philippines achieved 2% growth compared to the sales of last year’s first seven months. Keep reading for more!

As Philkotse.com collects, the first seven months of 2019 has been great for Hyundai Asia Resources, Inc. (HARI) which is the official distributor of Hyundai cars in the country. They already sold 19,790 units from January to August this year. This is equal to a 2% growth compared to the sales of last year’s first seven months.

According to HARI, their resilient performance will proceed as the Commercial Vehicle (CV) and Light Commercial Vehicle (CV) segments show continued strong business. On the other hand, the Passenger Car (PC) segment is buoyed chiefly by the Reina and Accent that were launched early this year.

Hyundai Reina

The Passenger Car (PC) segment is buoyed chiefly by the Reina and Accent that were launched early this year

The President and CEO of HARI, Ma. Fe Perez-Agudo stated that 2019 has been challenging for the automotive industry but the modest growth of Hyundai reflect its resilience and a strong brand that is anchored on comfortable and reliable cars, superior customer service, and sustaining programs that ensure worry-free ownership.

The Light Commercial Vehicle segment of Hyundai grew 28% with 8,645 units sold. Currently, the best-selling SUV in the market is the Hyundai Kona with 2,455 units sold in the first seven months of 2019. This reflects a 474% growth.

The H-100 remains the main driver with 3,860 units sold which shows a 64% growth than the previous year. The sales of Hyundai's Passenger Car, however, shows 15.4% decreased with only 10,565 units sold.

The Reina and Accent contributed 10,189 units sold out of the overall PC sales this year. This is equal to 96.4% of the total Passenger Car volume. The best-selling nameplate of HARI is still the Accent.

Hyundai Accent

The best-selling nameplate of HARI is still the Accent

Continuing to be the key growth driver is the Commercial Vehicle segment with 140% sales growth in the first seven months of 2019 compared to the same period of the previous year. The sales of Commercial Vehicles hit 580 units driven by increased economic activity, particularly from small-to-medium enterprises (SMEs).

Ms. Agudo also stated that they expect higher demands for Hyundai cars over the medium-term as they see lower interest and inflation rates.

She added that they are pushing ahead with their expansion programs that include the opening of the three new dealerships in northern and central Luzon over the next few months while other companies are still taking a wait-and-see position.

Want to learn more about these models as well as other Hyundais? Check out our full-scale reviews of them in our Hyundai review section.

Source: Hanna Miel Sanchez