Attributing to the increasing demand in vehicles locally, Hyundai Asia Resources Inc. (HARI) reported a sales growth of 18% in January of 2017. HARI sold a total of 2,817 units compared to the previous year's 2,387 units.
Sales of Hyundai passenger cars increased by 29%, driven mainly by the Accent which logged a total of 1,418 units. Being the brand's top seller, the Accent grew 124% compared to the same period last year. Its light commercial vehicle lineup however dipped by roughly 10%.
“Our strong start in 2017 is a testament of the market’s welcome response to our long-standing commitment of providing high-quality, best-in- class, and customer-focused products and services,” said Ms. Ma. Fe Perez-Agudo, HARI president and CEO.
Hyundai expects sales growth to continue on throughout the year as the Philippine GDP remains positive. HARI's strong start to the year reflects an optimistic view in the automotive industry amidst the proposed excise tax on automotive vehicles. This is due to stable macroeconomic fundamentals, increasing household incomes, and upbeat rating in auto-buying intentions.