Hyundai Asia Resources Inc. (HARI) recorded a 27 percent drop in sales in January amid reduced consumer demand due to the Taal ash fall and coronavirus disease 2019 (COVID-19).
Sales in January stood at 2,045 units, from 2,825 units in the same month in 2019.
“The Taal ash fall and COVID-19 later in the month caused a temporary setback, dampening demand and supply chain disruptions, making 2020 a less resilient year. But given the Philippines’ stable economic fundamentals — a stable exchange rate, strong private consumption, lower inflation and interest rates, and robust public spending — the impact of these factors can be well managed,” said Ma. Fe Perez-Agudo, HARI president and chief executive officer.
The company reported that delays in shipments are beginning to affect sales volumes as extra health precautions were initiated in both international and local ports.
International shipping lines are also cutting down on available seaborne vessels in response to weak global demand.
“Hyundai has experienced several boom-bust cycles and disruptions in the industry but one thing has never changed — our unwavering commitment to provide quality vehicles, premium services, and worry-free ownership. We will work doubly hard to catch up in the next few months while rolling out new products and promos relevant to customers,” Agudo said.
Year-on-year in January, the passenger car (PC) segment contracted by 33 percent with 967 units from 1,443 units the previous year.
Hyundai’s dynamic duo — the Hyundai Reina (PC-Segment A) and Hyundai Accent (PC-Segment B) — continued to hold court, comprising most of PC sales. Both models are known for their segment-topping performance, innovative design and fuel efficiency.
Light commercial vehicle sales fell 20 percent in January to 1,053 units, compared to the same month last year.
HARI’s commercial vehicle sales dropped to 25 units for the month but the company remains optimistic sales will pick up significantly as it has begun delivering units of Hyundai H-100 Modern Jeepney Class 1 and HD50S Modern Jeepney Class 2 to key transport cooperatives all over the country.
