Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, closed its full year 2016 sales with a 53-percent growth delivering 33,695 units as compared to 2015 wherein HARI only sold 22,058 units. Car sales reached reached 8,674 units in the fourth quarter alone, equating to a 62-percent year-on-year increase.
As the front runner of HARI’s growth, the PC segment grew at a double-digit rate of 53-percent for the full year. Led by the Eon and Accent, the two name plates remain as part of the top selling passenger cars in the country. Meanwhile, the Light Commercial Vehicles (LCV) segment pushed to grow 52-percent of the same period from the previous year, with the Grand Starex passenger van leading the company’s LCV sales.
Philippine GDP expanded by 7.1-percent for third quarter of 2016, which is the fastest quarterly expansion since the 7.9-percent GDP of the same period in 2013. Growth contributors include the consumer and infrastructure spending during the tail-end of the election period, as well as the buoyant business and consumer sentiment, adequate credit, and domestic liquidity.
Amidst the proposal to increase taxes on both fuel and automotive vehicles, a strong macroeconomic foundation, higher disposable income, and an upbeat rating in auto-buying intentions, has kept an opportunistic view as the demand for automotive vehicles continue to show no signs of a slowdown. Hyundai claims that the positive growth strengthens this sentiment and has brought upon record breaking sales for the company for the full year of 2016.
“Emulating the vitality of the country’s economy and its fast-growing automotive industry, 2016 proved to be a promising year for Hyundai. We can only look forward at 2017 with endless potential, as the company will continue to please the market with its line-up of modern premium products and services,” said Ma. Fe Perez-Agudo, HARI President and CEO.