Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, sold a total of 8,731 units for the first three months of this year, slowing down by a mere 1.2 percent compared to the 8,841 units sold in the same period of 2017.
The country’s third leading automotive brand’s first quarter performance was capped off by a 3,179-unit output in March, or an increment of 20 percent from the February sales figure of 2,649 units. If this is any indication, Hyundai is very well on its way to gaining the momentum to move forward from the short-term effects of the Tax Reform for Acceleration and Inclusion (TRAIN) Law on consumer sentiment and purchase behavior.
“Hyundai’s dynamism has shown no boundaries as it continues to beat the odds and hurdle any obstacles. First quarter sales remain firm and consistent with the trend in the industry, but we are expecting greater potential for the rest of the year. We are confident to continue this as we serve our customers with bolder, fiercer, unique, and game-changing products and service,” said Ma. Fe Perez-Agudo, HARI president and chief executive officer.
With the recent developments, the passenger car (PC) segment emerged as a key driver in the auto industry being relatively less impacted by the TRAIN law. HARI maintained its strong presence in the PC segment by growing 3.7 percent for the first quarter of 2018. With a total of 6,205 units sold, the PC segment contributed to more than two thirds of Hyundai’s January–March 2018 sales. The Accent lead the pack, accounting for over half of total HARI PC sales, or 3,899 units sold for this period.
For the light commercial vehicle (LCV) segment, first quarter sales slid by 11.5 percent from 2,855 units in 2017 to 2,526 units in 2018. This could be attributed to slower pick up for the Starex and Santa Fe from anticipation for newer model releases in the latter part of this year.