Hyundai Asia Resources, Inc., saw its January 2020 sales drop 27.6 percent due to the Taal Ash Fall and COVID-19 outbreak. Nonetheless, the Korean car brand managed to record 2,045 unit sales despite the market challenges.
“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,” HARI President and CEO Ma. Fe Perez-Agudo said.
The Taal Ash Fall caused many automotive dealerships and facilities to close in the NCR and CALABARZON for several days in January due to safety reasons. Consumers have likewise taken a conservative approach to COVID-19, cutting down on big-ticket items like vehicles.
Moreover, Hyundai reports that they have been experiencing delays in shipments as ports establish extra health precautions. 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,” Ms. Agudo added.
Year-on-year January, the Passenger Car (PC) segment contracted by 33 percent with 967 units from 1,443 units the previous year, while Light Commercial Vehicles (LCV) sales were reduced by 19.9 percent in January 2020 to 1,053 units compared to the same month last year. Despite the drop, Hyundai H-100 light truck sales increased by 15.3 percent. The H-100 remains the segment leader.
HARI’s Commercial Vehicles (CV) sales dropped to 25 units for the month but the company remains optimistic that sales will pick-up significantly as it has begun delivering units of their Class 1 and Class 2 modern PUVs to transport groups.
On the last day of January, HARI also debuted its own Class 3 Modern PUV making it the first automaker to offer a complete line-up of Modern PUVs under the government’s PUV Modernization Program or PUVMP.
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