The sales of Hyundai vehicles dropped 6 percent in the third quarter of the year, compared to the same three-month period a year ago, official data showed.
In a statement on Friday, Hyundai Asia Resources Inc. (Hari) said its third quarter sales reached 9,483 units, lower than the 10,085 units sold in the same period in 2017.
From January to September, sales saw a 7.3-percent drop to 25,440 units from 27,451 units in the comparative period a year ago.
“Hyundai’s third quarter sales performance remains consistent with the industry trend. The brand has proven itself to remain resilient amid times of uncertainty supported by a strong community,” said Ma. Fe Perez-Agudo, Hari president and CEO.
The company cited inflation, which “slowed down” the appetite of consumers for new cars.
However, industry sales had already been declining even before inflation soared to its highest in nearly a decade.
The industry has been struggling to cope with the impact of the Tax Reform for Acceleration and Inclusion Act, the first tax package passed under the Duterte administration that slapped higher excise rates on most cars.
Nine months under the weight of the law, it remains to be seen when the industry will be able to reverse the trend of falling sales.
However, the sales of light commercial vehicles grew, most likely because of the entry of the New Kona in the Subcompact SUV segment.
The light commercial vehicle segment grew 56.4 percent in the third quarter, selling 4,962 units from 3,172 units previously.
From January to September, this segment grew 18.6 percent to 10,081 units from 8,499 units in the comparative period a year ago.
Nevertheless, this growth was pulled down by the decline in passenger car sales.
This case is seen in both year-on-year (34.6-percent drop to 4,521 units) and year-to-date (19-percent drop to 15,359 units) figures.