Hyundai Philippines witness a growth of 9.1% in the first half of 2019

MANILA: Yesterday, we covered a story on Ford Ranger’s all-time record quarterly performance. And, it is not just the American automaker who is tasting success in the Philippines. The exclusive distributor of Hyundai passenger cars and commercial vehicles in the country, Hyundai Asia Resources, Inc. has revealed that the South Korean cars are not behind either. From a total of 16,181 trades in the first half of 2019, the automaker has managed to up the figure by 9.1% this year. As a result, 17,654 new Hyundai vehicles found their homes in the Philippines in the first half of 2019.

“We are invigorated to note that our sales performance is still better than the industry, which is showing a minor increase, after recovering from a tepid 2018. Despite this flat growth in June, we believe that auto sales will continue to get better in the coming months buoyed by higher infrastructure spending, lower inflation, and increased consumer confidence”, said HARI President and CEO Ma. Fe Perez-Agudo.

Speaking of light commercial vehicle (LCV) and commercial vehicle (CV) sales, in particular, Hyundai was able to trade 2,868 units in the month of June 2019. Moreover, passenger car (PC) sales saw a decline of 12.7% during the first half of 2019 when compared to the same time period last year. A total of 9,458 units were sold by the automobile manufacturer from January to June this year.

To no surprise, the likes of Hyundai H100, Kona, and Santa Fe continued to be the major sales drivers for the automaker in the in their respective segment. An increase of 50.2% from last year (5,119 units) saw Hyundai selling 7,690 vehicles during the time period this year. On the other hand, the year-to-date and year-on-year growth for Hyundai in the commercial vehicles (CV) segment was 125.9% and 42%, respectively.

“Already, the Philippines and South Korea are working to forge a bilateral free trade agreement (FTA) that will pave the way for increased market access, including automotive products. On our part, we continue to work closely with industry and government partners to help create an environment that will spur the development of the country’s EV industry”, added Ms. Agudo.

Hyundai is also set to open eight new dealerships for truck and bus business. Hyundai’s participation in the PUV Modernization Program where it sells Class-1 Modern Jeepney and “Forma Novus” Class-2 Modern Jeepney has also contributed to the increasing sales in the commercial vehicles (CV) segment.

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