Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, sold 2,649 unit sales in February this year.
For the first two months of the year, HARI sold 5,552 units or a 1.5-percent increase compared to the 5,470 units sold during the same period last year.
“February gives us a consistent start in 2018. This only shows the trust and commitment our customers have to our high-quality, best-in-class, and customer-focused products and services,” said Ma. Fe Perez-Agudo, HARI president and chief executive officer.
The passenger car (PC) segment maintained its position as the main volume driver of sales by accounting for almost 75 percent of total units sold, or 4,002 units year-to-date. The well-known Accent accounted for 2,363 units during this period. However, it was the Eon and Elantra that were the main growth drivers for PC segment with a year-to-date growth of 1.8 percent and 88 percent, respectively.
Although the light commercial vehicles (LCV) segment recorded only one fourth of the brand’s total sales, the segment was at the spotlight with all its models registering positive growth. This was led by the beloved Grand Starex whose January to February unit sales growth rose by 32.6 percent or 512 units in 2018 compared to the 386 units sold in 2017. This pushed the segment’s year-to-date sales to 1,550 units, an 18.1-percent growth from last year’s 1,313.
Sales and economic outlook
The current administration’s “Build, Build, Build” program is showing signs of accelerating as government spending acted as the main economic growth driver. Analysts have forecasted this rising trend would continue until the end of the year, along with buoyant business and consumer sentiments. This has cushioned any negative effects from rational expectations brought about by the recently implemented tax reform.
HARI has still shown positive growth in the face of a weakening currency and the increasing prices. It just goes to show the brand’s capacity in seizing opportunities to generate good numbers in the coming months.