Hyundai Asia Resources Inc., the official distributor of Hyundai vehicles in the Philippines, said Friday sales dropped 27 percent to 2,054 units in May from 2,801 units year-on-year.
“With persistent inflationary pressure in the market, the automotive industry continues to take the brunt of tempered consumer demand for big-ticket items. Nevertheless, Hyundai commits itself to turning the tide by introducing exciting and innovate products and services in the next few months. We will not disappoint,” said company president and CEO Ma. Fe Perez-Agudo.
Passenger cars sales dropped 36 percent to 1,298 units from 2,017 units year-on-year.
Sales of Light commercial vehicles sales slipped 4 percent to 756 units from 784 units on the year.
Total year-to-date sales stood at 13,130 units, down 7.3 percent from 14,163 units in the same period of 2017.
With 9,109 units sold for the first five months of 2018, the passenger car segment posted a relatively minimal decline of 6.8 percent from 9,770 units in the same period in 2018.