Hyundai Passenger Car Sales Up on Strong Demand
“With the increasing market demand for Sonata and our new models, Accent and Elantra, Hyundai is strongly positioned to keep our growth in the passenger car segment while we continue to shore up competitiveness of our dealerships and maintain our optimism on our full sales performance with expectations of reduced uncertainty from a stable economy, better supply situation, and improved consumer outlook with the onset of the holiday season.”
Ms. Maria Fe Perez-Agudo
President and CEO, Hyundai Asia Resources, Incorporated
Performance and Drivers
Against the challenges posed by global supply constraints, Hyundai closed the first nine months of the year with a 1% growth in Passenger Car (PC) sales, or 7,217 units from 7,153 units sold in the same period last year. This performance was driven by marked sales of Accent, Elantra and Sonata.
As of September, sales of Accent grew by close to 1% and accounted for 48% share of PC sales and 23% of total sales. The Elantra demonstrated strong market uptake with 1,578 units sold or an average of 316 units a month from the time it was introduced in April of this year. This represents 22% share of PC sales and 11% of total sales. Likewise, sales of Sonata grew by 67% to 432 units, contributing 6% to PC sales and 3% to total sales.
Despite resilient consumer demand, the Light Commercial Vehicle (LCV) segment declined by 9% as of September this year as supply setbacks continue to affect sales. As a result, total sales fell by 4% to 14,883 units from 15,575 units in the prior year.
Coupled with potential better supply condition, HARI looks forward to positive consumer sentiment and thus reinforced sales demand for the remainder of the year on the back of greater government spending in the fourth quarter, steady growth in OFW remittances in time for the yuletide season, a healthy banking system, fiscally strong economy and improved consumer confidence in the last quarter as reported by the Bangko Sentral’s latest Consumer Expectations Survey.