Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, once again breached the 3,000 mark by closing June with 3,203 units sold. This pushed first semester sales to 17,364, up by 6 percent compared to the 16,362 units sold in the same period of 2016.
At the forefront of HARI’s favorable performance is its volume driver, the passenger cars segment, which grew by 7 percent from 11,207 units in the first half of 2016 to 12,037 units in the same period of 2017. Credit goes to the Accent, which remains the brand’s top-selling nameplate, with 7,711 units sold in the first six months of 2017.
The light commercial vehicles segment was not to be outdone as total first semester sales reached 5,327 units, a 3-percent increment from the previous year’s 5,155 units. Growth in this segment was largely attributed to high pick up for the brand’s utility truck, the H-100.
“HARI’s aggressive growth in the first half of 2017 is a strong testament to the impact we have set in the hearts of the Filipino people. A responsive automotive market, together with our high-quality, best-in-class, and customer-focused products and services, keep us on track for another record-breaking year,” said Ma. Fe Perez-Agudo, HARI president and chief executive officer.
Sales and economic outlook
Philippine gross domestic product (GDP) grew slower than expected at 6.4 percent in the first quarter of 2017, falling below the projected 6.5 percent to 7.0 percent by the government but still placing ahead of other Southeast Asian nations. The decrease was mainly from the slowdown in the implementation of infrastructure projects and the high base effect from the election spending of the firs quarter of 2016. The second quarter GDP is projected to remain within the 6.5-percent to 7.0-percent rate as increased infrastructure spending continues to fuel economic activity.
Agudo said strong economic growth, stable prices, and low oil prices from increased oil production would allow the Philippines to continue offering good opportunities in the automotive market. All these signs prove positive for Hyundai in reaching its full potential in sales and achieving another milestone year.