Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, has breached the three thousand unit mark by closing June 2017 with 3,203 units. This pushed 1st semester sales to 17,364, up by 6 percent as compared to the 16,362 units sold in the same period of 2016.
At the forefront of HARI’s sales performance is the passenger cars segment. The segment increased by 7 percent from 11,207 units in the first half of 2016 to 12,037 units in the same period of 2017. Credits for the sales increase goes to the Accent, which remains as the brand’s top-selling nameplate, with 7,711 units sold in 2017.
Meanwhile, the light commercial vehicles segment had total 1st semester sales reach 5,327 units, a 3 percent increase from the previous year’s 5,155 sales. Growth in this segment is largely attributed to Hyundai's utility truck, the H-100.
With regards to sales and economic outlook of the country, Hyundai says Philippine GDP grew slower than expected at 6.4 percent in the first quarter of 2017, falling below the projected 6.5 percent to 7.0 percent by the government but still placing ahead of other ASEAN nations.
The decrease was mainly due to the slowdown in the implementation of infrastructure projects and the high base effect from the election spending of the 1st Quarter of 2016. The second quarter GDP is projected to remain within the 6.5 percent to 7.0 percent rate as increased infrastructure spending continues to fuel economic activity.
Strong economic growth, stable prices, and low oil prices due to increased oil production allow the Philippines to continue to offer good opportunities in the automotive market. These signs are positive for Hyundai in hopes of enabling able to reach their full potential in sales.