Hyundai Asia Resources Inc. (HARI) said sales of its light commercial vehicles (LCV) and commercial vehicles (CV) grew 12 percent in the first nine months of the year or 11,659 units.
HARI said the LCV segment continues to be the main growth driver with sales growing 9 percent to 10,972 units from 10,061 units last year to sold for HARI.
The company attributed the strong sales of LCVs and CVs to lower inflation, increased government spending, and a full line-up of quality sport utility vehicles (SUV), vans, trucks and buses.
HARI said sales were fueled by the number one subcompact SUV Kona and light truck H-100 whose sales grew by 128 percent and 52 percent, respectively. Sales of the premium mid-sized SUV – the Santa Fe – also grew by 9 percent.
HARI’s aggressive expansion into the CV segment, marked by the establishment of more dedicated dealerships, has reaped dividends for the company.
CV sales more than doubled from last year, hitting nearly 700 units sold. CV sales are expected to be boosted with the company’s strong participation in the government’s Public Utility Vehicle Modernization Program (PUVMP) through the Hyundai Modern Jeepneys.
Year-to-date September, sales of passenger cars (PC) fell 15 percent 13,103 units as the company continued to consolidate in this segment.
While there has been a marked change in consumer preference towards SUVs and MPVs, sales of Hyundai’s core PC models remain strong, driven by the Reina and the best-selling Accent. The two models alone account for over half of Hyundai’s sales.