Hyundai Asia Resources, Inc. (Hari) said it was seeing “signs of a silver lining” in its vehicle sales in November.
In a statement on Friday, the official distributor of Hyundai vehicles in the Philippines said sales grew 3.5 percent in November, as it sold 3,426 units compared to the 3,309 units in the same month last year.
November marked the second month in a row the company saw its sales grow year-on-year.
Sales have been on a decline for most of the year due to higher excise taxes, further aggravated by inflation worries.
From January to November this year, the company sold 32,444 units, 4.6 percent lower compared to the same period a year ago when it sold 34,025 units.
“As economic headwinds begin to slowdown, Hyundai is in its best position to take advantage of what is left of 2018,” said Ma. Fe Perez-Agudo, Hari president and CEO.
“Backed by a strong Hyundai community in the country, we have proven time and again that our products and services remain relevant in the country’s automotive industry,” she added.
Passenger car sales fell 20.6 percent to 18,389 units by the end of November this year compared to the 23,167 units sold in the same period last year. For the month of November alone, this segment dropped 27.4 percent to 2,103 units.
Hyundai expects passenger car sales to pick up next year with the announcement of the new Accent.
On the other hand, the brand sold 14,055 light commercial vehicle (LCV) units in the January to November period, 29.4 percent higher compared to the year ago level.