Hyundai PH Sales Narrow in May

Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines registered total sales of 2,054 units for the month of May. This puts total year-to-date sales for 2018 at 13,130 units, or a 7.3-percent decrease from the recorded 14,163 units in the same period of 2017. With 9,109 units sold for the first five months of 2018, the Passenger Car (PC) segment steadied the brand's performance with a relatively minimal decline of 6.8 percent. This can be attributed to the resiliency of the brand’s front-runner--the Hyundai Accent. Accounting for three-fourths of the PC segment’s sales volume, the Accent showed only a slight dip of 2.4 percent with 6,146 units sold from January to May 2018. Likewise, the Hyundai Elantra provided a much-needed boost in the segment by being the only Hyundai PC nameplate to post a positive year-to-date growth of 6.3 percent or 594 units sold compared to the same period of 2017. On the other hand, the Light Commercial Vehicle (LCV) ends up to be more impacted with the adjustment of automotive prices as it slowed by 8.5 percent, from 4,393 units sold in the January to May period of 2017 to 4,021 units sold for the same period in 2018. The Hyundai H100, however, continues to be an exception as it posts a 27 percent sales growth to 1,444 units compared to the 1,139 units registered in the first five months of 2017. "With persistent inflationary pressure in the market, the automotive industry continues to take the brunt of tempered consumer demand for big-ticket items," said HARI President and CEO Maria Fe Perez-Agudo. "Nevertheless, Hyundai commits itself to turning the tide by introducing exciting and innovate products and services in the next few months. We will not disappoint."