Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, has recorded 3,273 unit sales in August 2017, a 17 percent growth from 2,798 units in August 2016. The sales growth recorded this month has propelled January to August sales to a total of 24,233 units – a 9 percent growth from last year’s sales of 22,134 units within the same period.
Out of the 24,233 units the Passenger Cars (PC) segment accounted for almost two-thirds of HARI's total sales volume. The PC segment grew by 2 percent from 2,087 units in August 2016 to 2,122 unit sales this year. Performance is largely attributed to the Accent which grew by 14 percent from 1,212 units in August 2016 to 1,383 units in August 2017.
Meanwhile, the Light Commercial Vehicles segment had a 62 percent growth in sales with 1,151 units. Credit goes to the H-100 which grew by 238 percent from 141 units last August 2016 to 477 units this August.
Hyundai expects the economic outlook for the Philippines to remain positive as GDP is expected to accelerate by 6.8 percent in 2017. They have concerns however regarding the dollar-peso exchange rate which could affect not only Hyundai but also multiple businesses. Nevertheless, companies are still bullish with survey results depicting a positive outlook from businesses, with Hyundai expecting to continue their sales growth for 2017.