Hyundai’s PHiLippines car sales drop 31% in Feb

Hyundai sold less cars in the Philippines last month as stronger global demand put a rein on supply, prompting the company to make a forward-looking statement about better days ahead.

Sales dropped 31 percent to 1,632 units in February from 2,369 a year earlier, according to Hyundai Asia Resources Inc. (HARI).

In the first two months of the year, the company sold 3,624 units, down 20 percent from 4,522 a year earlier.

However, Hari president and chief executive Ma. Fe Perez-Agudo expects a rebound in sales as the company will also launch new models this year.

“Hyundai in the Philippines continues to align itself with the global thrust of Hyundai Motor Co., which is to focus on quality over quantity in our brand-building efforts, confident that our public is just waiting to embrace the next big thing in Hyundai design and engineering,” Agudo noted.

Hardest hit by supply constraints was the passenger car segment, the sales of which dropped by 31 percent year-on-year in January to February.

Sales of light commercial vehicles, gained 1 percent to 1,563 units from 1,541, according to Hari.