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.
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.
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.
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