Hyundai Asia Resources Inc. (Hari) started the year with a “modest” 3-percent growth in sales volume in January 2018 after surging at two digits in the same month last year.
In a statement, Hari said it had sold 2,903 units of vehicles in January compared to 2,817 units previously as the take up of passenger cars dropped while sales of commercial vehicles grew by almost half year-on-year.
“January’s performance provides a jump-start to 2018,” Hari president and CEO Ma. Fe Perez-Agudo said.
The Korean brand considers its January performance as “quite a feat” considering that it was the first month that taxes on vehicles were raised through the Tax Reform for Acceleration and Inclusion (Train) Law.
“Though faced with a tougher business landscape, we expect this year to bring us on higher grounds as we continue to level up our commitment in providing the best products and services to our customers,” Agudo said.
Sales of passenger cars—representing 70 percent of total sales for the month—dipped by 8 percent to 2,036 units from 2,223 units in January 2017.
Turnover of the Elantra compact car more than doubled in January to reach 219 units from 103 units.
On the other hand, sales of Hari’s light commercial vehicles (LCV) surged by 46 percent to 867 units from 594 units previously. —RONNEL W. DOMINGO