ThePhilBizNewsOnPatrol
ONPATROL by Ricky Velasco/Clift Daluz
Amidst challenges in the car industry, Hyundai Asia Resources, Inc. ends 2018 with a bang, remains bullish in 2019
Despite challenges in the car industry wherein sales was down by 6% in 2018, Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, closes its 2018 Full Year sales with a total of 35,401 units. Compared to the 2017 Full Year performance of 37,678 units sold, the difference is just a mere 6.0%; this is in contrast to an industry that has been declining in the double digits.
The December sales alone has reached 2,957 units for the month. This completes the 4th Quarter of 2018 with 9,961 units sold. Quarter-on-Quarter performance shows a slight dip of 2.5% from the 10,227 units sold in the 4th Quarter of 2017.
Passenger Cars (PC) segment sales retained its position as the brand’s volume driver by accounting for 56.2% of the total sales. The segment declined by 22.0% to 19,905 units for the Full Year of 2018 compared to the 25,529 units sold in the same period of 2017. Performance of the segment can be attributed to the sale of the Accent. The model has attributed 75.6% of the brand’s total PC sales.
Light Commercial Vehicles (LCV) segment was at the spotlight for 2018 as the brand’s growth driver. 2018 Full Year sales registered a total of 15,496 units sold, growing by 27.5% from the 2017 Full Year sales of 12,149 units. In the 4th quarter alone, the brand saw a 48.4% rise in its LCV sales; 5,415 units sold in the 4th quarter of 2018 compared to the 3,650 units sold in the same period of the previous year.
Driven by the Kona, Tucson, Grand Starex, and H-100, the brand’s LCV models have topped in their respective sub-segments and ruminatively maintained an upward trajectory for the brand. As a result, this has offset any negative effects experienced the Philippine automotive industry throughout the year.
Sales and Economic Outlook
Given all the challenges faced in 2018 in the motoring industry especially on sales that was lower than expected from a higher than expected inflation rate to a number of political and economic events happening in the global landscape, 2019 may be seen to fair much better for the Philippine economy. The present administrations “Build, Build, Build” infrastructure program being close to fully implemented, coupled with inflationary pressures expecting to ease, stronger investments, and spending related to the midterm elections, this would be enough to weather any global uncertainties that may loom over the country throughout the year and keep the Philippine economy afloat.
Hyundai’s performance in 2018 has proven it is truly capable of remaining relevant in the local automotive market and is proud to have ended the year on a high note. The brand is poised to take advantage of 2019 as economic conditions are expected to improve.