Hyundai Asia Resources, Inc. (HARI) reported strong sales in the first two months of the year with a total of 6,537 vehicles sold, a significant 16.2% increase from last year’s 5,624 units over the same period. In February 2019 alone, Hyundai’s sales surged by 38.6% to 3,715 units.
“Hyundai felt the love in February as sales substantially increased driven by the successful introduction of fresh and innovative models and a more positive buying sentiment from consumers. We have turned the corner and are optimistic that this trend will continue in the coming months. We aim to end the year on a high note,” HARI President and CEO Ma. Fe Perez-Agudo said.
Hyundai’s Passenger Car (PC) segment improved following the release of the Reina and the New Accent. After 10 months, the segment managed to once again breach the 2,000 monthly unit sales mark, selling a total of 2,047 units in February 2019. This is a 4.1% growth compared to the 1,966 units sold in the same month last year. In the first month of its release, the Reina has already contributed to 23.7% of the brand’s total PC sales with its superior value proposition. This brings total year-to-date February PC sales to 3,490 units.
The Light Commercial Vehicle (LCV) segment, meanwhile, continued its higher-than-expected performance, growing by 131.0% in February 2019 with 1,578 units compared to the 683 in the same month of 2018. The H-100 emerged as the primary driver in this segment as customers bought 1,332 units. Overall, the LCV segment continues to drive the brand’s growth with a total of 2,893 units sold for the first two months of 2019, or an 86.6% growth from the same period last year.
Despite being a relatively new player in the Commercial Vehicle (CV) segment, Hyundai’s trucks and buses are becoming known for their toughness, versatility, and cost-efficiency, making them a favorite among business owners. Reinvigorating and supporting the company’s growth trajectory, the total sale of the Hyundai trucks and buses grew 113.9% and 190.3% for the year-to-date and year-on-year figures, respectively.
“We are encouraged to see more Hyundai commercial vehicles enabling key economic activities such as construction, delivering essential goods, and mass transportation. We aim to further boost nation-building by introducing more efficient and cost-effective vehicles to enable more Filipinos to get more out of life,” Ms. Ma. Fe Perez-Agudoadded.
This is aligned with the company’s brand identity launched two years ago Kasama mo sa Buhay and operationalized by Gusto Ko (Desire), Kaya Ko (Action), and Sama Tayo (Lifetime Partnerships).
The Company added that a mix of favorable macroeconomic indicators will continue to bolster automotive sales in 2019. These include a falling inflation rate, increased government spending, and the expected pick-up in consumer spending due to the coming elections. The government also anticipates its “Build, Build, Build” program to be in full swing this year. The resulting increase in construction activity will significantly have an impact on the sale of commercial vehicles. On the whole, the favorable environment is setting up Hyundai for another positive year.