Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the country, continues to show much optimism in its sales as it ended the first semester of 2016 with a robust 53-percent growth compared to the same period last year. Particularly, the company sold 8,893 units during the second quarter, a 67-percent increase from the sales of the same period in 2015.
The passenger car (PC) segment was the main driver of HARI’s growth as first semester sales surged by 58-percent from 7,111 units the previous year to 11, 207 units in 2016. The second quarter PC sales alone expanded by a phenomenal 74-percent relative to the same period in 2015, attributed to strong pick up of the Accent model.
The light commercial vehicles (LCV) segment was also at par with growth as it pushed its year-on-year first semester sales up by 44 percent. Second quarter LCV sales alone expanded by 54-percent, thanks to the surge in sales of the all-new Tucson.
“Reflecting the vibrancy of the country’s economy and automotive industry, Hyundai continues to show boundless potential as the company further delights its customers with its portfolio of modern premium products and services,” said Ma. Fe Perez-Agudo, HARI president and chief executive officer.
After growing 6.9 percent in the first quarter of 2016, the Philippines is seen to remain on its upbeat position in the eyes of investors given President Rodrigo Duterte’s pronouncement to continue the economic policies of the previous administration. The country’s strong macroeconomic foundation has kept it resilient despite geopolitical headwinds, such as the Brexit. This, however, will be put to the test as China threatens to hinder trade relations in the region because of the unfolding of recent news from the West Philippine Sea issue.
Nevertheless, the local automotive industry will likewise benefit from the overall bright scenario given the upbeat auto-buying intentions, benign inflation, improving employment rates, and greater disposable income. With Hyundai’s upward sales trajectory in the first semester of the year, the company’s renascence is just around the corner.