Hyundai Asia Resources, Inc. (HARI), one of the country’s leading automotive companies, sustained its growth over the past three months by posting sales of 2,795 units in April 2019, representing a 17.4% increase year-on-year.
For YTD-April 2019, Hyundai sales grew by 13.5% to 12,744 units versus the same period last year, bucking the automotive industry trend of flat to minimal growth.
“Coming from a challenging year, we are delighted to report three straight months of robust growth underpinned by strong sales of our core products, customer experience solutions, and strategic initiatives in place that are now bearing fruit. We have several projects in the pipeline that will further strengthen our existing business while giving us flexibility as we explore new revenue streams,” HARI President and CEO Ma. Fe Perez-Agudo said.
HARI has been establishing dedicated Commercial Vehicle (CV) dealerships in key growth areas across the Philippines, underscoring its efforts to support the Philippine government’s bid to boost the country’s infrastructure.
HARI currently has a network of 11 CV dealerships nationwide delivering complete Sales, Service, and Spare Parts (3S) to commercial and industrial customers, as well as MSMEs. It aims to expand this network to 20 CV dealerships by 2020.
The company also plans to establish more Hyundai City Stores – a pioneering initiative to widen its reach in high-density urban locations that do not have space for a traditional dealership. City Stores provide customers with a convenient, innovative, and personalized retail experience enhanced by digital technology.
Hyundai’s Passenger Car (PC) segment continues to maintain its position as the main volume driver for the brand selling a total of 7,016 units from January-April 2019. Although experiencing a 10.2% dip, the gap is slowly being bridged as the Reina is gaining traction in the market. This can be attested by the 0.4% YOY increase or 1,612 units sold in April 2019.
The Light Commercial Vehicle (LCV) segment continues to make significant strides as it grew by 65.3% to 5,396 units sold versus the same period last year. The strong sales of the Kona and the higher demand for H-100 are key contributors to the growth of Hyundai’s LCV volume.
Lastly, Hyundai’s Commercial Vehicle (CV) segment is aggressively expanding as reflected in its 124.3% year-to-date growth. In April 2019 alone, CV sales grew by 158.3%. Hyundai trucks and buses are poised to grow further with the introduction of its new models in the coming months.
“We intend to leverage on our strong performance as we gain more momentum. We aim to sell 40,000 Hyundai units by the end of the year and we are confident we can hit this target, especially with new vehicle models that we are launching within the year,” Ms. Agudo added.