Hyundai starts off with 3% higher sales in Jan
Hyundai Asia Resources Inc. (HARI), the exclusive local distributor of the Korean automotive brand, survived the initial month of the implementation of higher automobile excise taxes with a modest three percent growth in sales.
HARI said yesterday its sales last month improved to 2,903 units from 2,817 units sold in the same month in 2017.
The company said its January performance could be considered “quite a feat considering it is the initial month since automotive taxes have been restructured.”
“January’s performance provides a jumpstart to 2018. Though faced with a tougher business landscape, we expect this year to bring us to higher ground as we continue to level up our commitment in providing the best products and services to our customers,” HARI president and CEO Ma. Fe Perez-Agudo said.
The passenger car segment, which accounted for 70 percent of HARI’s total sales, had 2,036 units sold for January.
The firm said while the Accent and Eon models made up the largest share in the segment, the Elantra saw sales rise significantly to 219 units last month.
The light commercial vehicles segment, meanwhile, recorded sales of 867 units last month, a 46 percent jump from the 594 units sold in January last year.
The Grand Starex is the top-selling brand for the segment, with 329 units sold.
HARI is optimistic it would sustain growth in the coming months amid the higher automobile taxes being seen by majority in the industry as dampening demand this year.
“The economy continues to grow with government spending as the primary growth driver due to its infrastructure drive. The improvement on highways and structures opens more opportunities for the automotive industry,” HARI said.
“Moreover, opportunities also arise from the increased disposable income of individuals brought by the recently implemented tax reform. Strong consumption and growing economy positively affect the industry in general. This progress is an opportunity that HARI seizes to further grow its business and continue getting good numbers for the year,” it added.