Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the country, experienced bullish growth for the first three months of 2016. Ending the first quarter with 7,469 units, sales were up by 39 percent compared to the 5,364 units sold in the first quarter of the previous year. Quarter-on-quarter results also showed auspicious results in automotive sales as the company also posted an identical 39-percent growth.
The passenger car (PC) segment surged by 42 percent or 5,186 units in the first quarter as compared to the 3,653 units sold in the same quarter of 2015. Light commercial vehicles (LCVs) contributed substantially with 33-percent growth compared to the same period of the previous year. On the other hand, quarter-on-quarter results showed a 23-percent pickup in sales for PCs and 99 percent increase for LCVs.
Sales, economic outlook
The Philippines’ gross domestic product grew by 6.3 percent in the fourth quarter and 5.8 percent for the full year of 2015. Although a tad lower than projected growth by the International Monetary Fund and World Bank, the Philippine economy still emerges as one of the top performing economies in the Southeast Asian region. This is only a prelude to what is to come for 2016 as the Philippine economy is expected to get a boost from election spending and the implementation of public-private partnership (PPP) projects. Economic expansion for 2016 is pegged at 6.4 percent.
The local automotive industry will likewise benefit from the overall bright scenario as auto-buying intentions are expected to be upbeat, given the low and manageable inflation, improving employment rates, and greater disposable income. With Hyundai’s upward sales trajectory in the first three months of the year, the company’s resurgence is within the horizon.
“Hyundai’s 2016 exudes great potential with the country’s very rosy economic and industry outlook. We are confident as we continue to serve our customers with bolder, fiercer, and game-changing products and services,” said Ma. Fe Perez-Agudo, HARI president and chief executive officer.