Hyundai Philippines increase 2016 sales with 53 % growth
Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the country, managed to surpass their sales figures from last year after ending the first semester of 2016 with a 53% growth compared to the same period last 2015. Hyundiai sold 8,893 units amid the second quarter of 2016, a 67% expansion from the offers of the same time frame in 2015.
Leading the way is the Passenger Cars (PC) segment which saw a 58% surge. Compared to last year where they only sold 7,111 units, HARI was able to sell 11,207 units midway through 2016.
The Light Commercial Vehicles (LCV) segment was additionally at standard with development as it pushed its year-on-year first semester sales up by 44%. Second quarter LCV deals alone extended by 54%, 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 customer with its portfolio of modern premium product and service.” said by Ma. Fe Perez-Agudo, HARI President and CEO.
After growing 6.9% in the first quarter of 2016, the Philippines is seen to remain its upbeat position in the eyes of investors given President 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 Britain's exit from the European Union. This, however, will be put to the test as China threatens to hinder trade relations in the region due to The Hague's arbitration ruling on disputed territories in the West Philippine Sea.
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.