HYUNDAI Asia Resources Inc. reported on Friday that its vehicle sales increased by 2 percent to 19,790 units in the first seven months of 2019 from 19,478 in the same period last year.
In a statement, the local unit of the South Korean carmaker said sales in its passenger car segment dropped by 15 percent to 10,565 units from January to June from 12,487 a year ago.
Hyundai Asia blamed the decline on the market’s continues shift to crossovers and Sport Utility Vehicles from midsized sedans.
In contrast, sales in its commercial vehicle (CV) segment — a key growth driver, according to the firm — grew by 140 percent to 580 units in the seven months ending July from 242 units last year.
Increased economic activity, especially from small and medium enterprises, drove CV sales.
“This year has been challenging for the automotive industry, but Hyundai’s modest growth reflects its resilience and strong brand anchored on reliable and comfortable vehicles, superior customer service, and continuing programs to ensure worry-free ownership,” Hyundai Asia President and Chief Executive Officer Ma. Fe Perez-Agudo said.
“With key programs in the pipeline, we aim to end the year strong,” she added.
“We expect higher demand for Hyundai vehicles over the medium term as we see lower inflation and interest rates.”