HYUNDAI Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, attributed its astonishing 53 percent year-on-year increase in overall sales in 2016 to steadily rising demand for vehicles in the country, led by a staggering 8,674 vehicles sold, a 62-percent increase in sales, in the fourth quarter alone.
As the front-runner of HARI’s growth, the passenger car segment grew at a double-digit rate of 53 percent for the full year, the company said. Led by the Eon and Accent, the two nameplates remain among the top selling passenger cars in the country.
The Light Commercial Vehicles segment was not far from the spotlight as sales expanded 52 percent in the same period from the previous year, with the well-loved Grand Starex passenger van leading the company’s LCV sales.
Sales and economic outlook
Philippine Gross Domestic Product expanded by 7.1 percent for third quarter of 2016 – the fastest quarterly expansion since the 7.9 percent GDP in the same period in 2013. Growth contributors included consumer and infrastructure spending during the tail-end of the election period, as well as buoyant business and consumer sentiment, adequate credit and domestic liquidity.
Despite the proposal to increase taxes on fuel and automotive vehicles, a strong macroeconomic foundation, higher disposable income, and an upbeat rating in auto-buying intentions has encouraged HARI to maintain an opportunistic view as demand for automotive vehicles shows no signs of a slowdown.
“Emulating the vitality of the country’s economy and its fast-growing automotive industry, 2016 proved to be a promising year for Hyundai,” HARI President and Chief Executive Officer Ma. Fe Perez-Agudo commented. “We can only look forward to 2017 with endless potential, as the company will continue to please the market with its line-up of modern premium products and services.”