Hyundai sales slower in April 2018

MANILA, Philippines — Sales of Korean automotive brand Hyundai continued to drop in April as it reels from the effects of higher automobile taxes under the new tax reform law.

Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, said sales dipped 2.5 percent in the first four months to 11,076 units from 11,362 units in the same period last year.

In April 2018 alone, sales declined seven percent to 2,345 units from 2,521 units sold in the same period in 2017. 

“The minute impact of the TRAIN Law in the sale of Hyundai vehicles only shows the capacity of the brand in weathering any uncertainties in the auto industry. Automotive consumers remain responsive and the brand would continue to satisfy them with its line-up of best-in-class products and services,” HARI president and CEO Ma. Fe Perez-Agudo said.

HARI’s volume driver, the passenger car segment, showed a steady performance by contributing close to three-fourth of the brand’s sales, totaling to 7,811 units in the four month period, up 0.7 percent year-on-year.

HARI said demand for the Accent and Eon models remained strong amid the lingering effects of the TRAIN bill, selling 5,113 and 2,168 units, respectively.

Sales of the light commercial vehicles segment in the first quarter, however, slowed 9.5 percent to 3,265 units from 3,609 units last year.

“As the effects of the TRAIN law begin to peak, Hyundai remains buoyant to its effects. The minimal effects TRAIN had in affecting the brand’s growth trajectory only shows the capacity Hyundai has in weathering any uncertainties faced by the automotive industry,” HARI said.