The growth in the local sales of Hyundai vehicles slowed in the first quarter of the year, dragged down by the decline in the light commercial vehicle segment.
In a statement on Monday, Hyundai Asia Resources, Inc. (Hari) said it sold 8,731 units in the first three months of the year, a 1.2-percent increase from 8,841 units sold in the same period in 2017.
This is a slower growth from the same period last year, which saw sales surge by 18 percent.
“First quarter sales remain firm and consistent with the trend in the industry, but we are expecting greater potential for the rest of the year,” said Ma. Fe Perez-Agudo, Hari president and CEO.
The prospects of the car industry in general have been dampened by the TRAIN law, the Duterte administration’s first comprehensive tax package which took effect January this year.
The tax reform law lowered the personal income tax but imposed higher consumption taxes on goods such as sugary drinks and automobiles.
Hyundai’s light commercial vehicles dropped 11.5 percent from January to March this year, selling 2,526 units. The segment delivered 2,855 units in the same three months last year.
Passenger cars, on the other hand, still managed to grow 3.7 percent to 6,205 units in the first quarter from the 5,986 units sold in the same period in 2017.