Hyundai sales dip; demand for commercial vehicles up

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HYUNDAI Asia Resources, Inc. (HARI) sales in the seven months to July declined 18% from the same period last year, while commercial vehicle sales remained strong amid growing business logistics requirements.

The local distributor of the global brand sold 7,008 vehicles for the January-to-July period from 8,542 a year earlier.

On a month-on-month comparison, Hyundai’s total July sales had inched up 4.1% to 845 units from 812 in June.

“The growth in sales was brought about by Commercial Vehicles (CV), which saw a remarkable increase of 232.1% in July versus the previous month, offsetting the slight decline in Light Commercial Vehicles, which dropped by -12.1%,” the company said in a report on Monday.

Hyundai trucks, the company said, is being used by last mile logistics providers and government agencies.

As of July, commercial vehicle sales went up more than 446% to 852 units year on year.

In contrast, segments that make up a bigger share of the company’s sales declined during the same period. Light commercial vehicle sales dropped 26.7% to 3,177 units, while passenger car sales fell 26.5% to 2,979 units.

Month on month, light commercial vehicle sales dropped 12.1% to 340 units in July, while passenger car sales inched up 3.8% to 412 units.

Imported vehicle sales in the first half of 2021 went up by 55% to 30,153 units compared with the figure in the same six months last year, the Association of Vehicle Importers and Distributors, Inc. (AVID) said. The industry group accounts for 21 members carrying 26 global brands.

HARI last month launched its trucks and buses dealership showroom in Cebu. The 2,000-square-meter space is owned and operated by Hyundai Cebu, Inc. (HCI), one of HARI’s commercial vehicle dealerships. — Jenina P. Ibanez

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