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Manila Bulletin devider Business devider Hyundai PH posts modest growth in July

Hyundai PH posts modest growth in July

Published Aug 16, 2021 05:00 pm

Hyundai Asia Resources, Inc. (HARI), reported a 4.1 percent growth for July 2021 versus the previous month boosted by strong growth in commercial vehicle (CVs) sales, although total year to date sales still remained negative at 18 percent.

In a report, HARI said that sales of CVs saw a remarkable increase of 232.1 percent in July versus the previous month, offsetting the 12.1 percent decline in LCVs.

Meanwhile, sales of passenger cars (PC) managed to grow a modest a 3.8 percent versus June sales, with the locally-assembled Hyundai Accent remaining a growth driver with a 23.9 percent increase in sales in July versus June.

CV continued to be HARI’s main growth driver. In July, sales soared by 232.1 percent versus the previous month, spearheaded by the HD50S that is used in the Hyundai Modern Jeepney Class II and Class III, the company’s winning mainstays in the national PUV Modernization Program.

 This brings the year-to-date growth rate of HARI CV to an impressive 446.2 percent versus the same period in 2020, an astounding achievement brought about by the strong sales of several models, led by the Hyundai HD65 and Hyundai HD36 trucks, and the Hyundai HD50S.

 HARI said that its trucks have become the choice of last mile logistics providers and government agencies due to their tough build, dependability, and flexible platform.  While HARI’s Modern Jeepney line has gained considerable presence in Northern Luzon and VisMin, endorsed and supported by local government units (LGUs) and major transport cooperatives.

However, the encouraging month-on-month growth still failed to lift HARI’s year-to-date sales as sales totaled only 7,008 units as against 8,542 units in the same January-July period last year. 

Of the seven month period sales, the passenger cars segment still remained at negative at 26.5 percent to 2,979 from 4,054 units in the January-July period in 2020.

Sales of light commercial vehicles also went down 26.7 percent to 3,177 units from 4,332 units in the same period last year.

Commercial vehicle sales went up 446.2 percent to 852 units sold from only 156 in the comparative

figure 2020.

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