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Local Hyundai unit records 8% sales drop

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THE LOCAL arm of Korean car manufacturer Hyundai Motor Corp. saw sales drop by 8% in May versus the same month last year as supply problems continue d to plague its light commercial vehicle (LCV) segment.

Hyundai Asia Resources, Inc. (HARI) yesterday said it sold 1,737 units last month, down from 1,891 a year ago.

Performance was dragged down by the 31% drop in LCV sales to 550 units in May, from 722 in the same period last year.

Sales of passenger cars meanwhile grew by 8% to 1,187 units last month, buoyed by the strong performance of compact personal cars.

The company said “total passenger car sales... greatly offset the impact of supply setbacks, specifically with respect to Grand Starex, on LCV sales.”

Last month’s performance brings the firm’s year-to-date tally to 10,395 units, a 29% rise from the 8,062 recorded in January to May last year. This was HARI’s sales figures brings the total industry tally for January to May to 69,572 units based on the sales data of 16 other car firms, a 10.5% hike from year-ago levels.

For May alone, the industrywide total stood at 16,002 units, a 25% increase from the same month last year.

“As we step into the third quarter, we remain optimistic that our best-selling and newly launched models will sustain their vigorous performance, helped by continued positive consumer sentiment encouraged by stable and strong macroeconomic fundamentals,” said HARI President and Chief Executive Ma. Fe Perez-Agudo said in a statement. -- Emilia Narni J. David
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