Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, posted 2,801 unit sales for the month of May. This boosted their total January to May 2017 sales to 14,163 units, up by 6-percent compared to the 13,410 units sold over the 5-month period of 2016.
At the forefront of HARI’s remarkable run is its Passenger Car (PC) Segment, which recorded a 6 percent year-to-date growth, with 9,770 units sold relative to previous year’s 9,193 units. The Accent remains as the company’s top-selling nameplate, with 6,299 units sold, or an equivalent of 39 percent increase from 2016’s January to May total. The Elantra was also exceptional as the compact sedan registered a 31 percent year-to-date increase, with 559 units sold.
Demand for the Light Commercial Vehicles (LCV) segment likewise picked up by 4 percent as sales totaled 4,393 units against 2016 sales of 4,217 units during the five-month period. Sales in this segment are primarily driven by the Grand Starex, which delivered 1,672 units.
Sales and Economic Outlook
Despite falling short of market expectations, the Philippines’ gross domestic product remains as one of the fastest-growing globally based on the World Bank’s latest estimates. The country recorded 6.4 percent economic growth for the first quarter of the year, mainly driven by the country’s expansionary fiscal thrust on top of robust private consumption. The confluence of strong economic growth, competitive auto loan rates, and low inflation continues to underpin strong consumer appetite for durables, such as vehicles.
With this, HARI looks forward to achieving another milestone on its 15th year of operations in the Philippines.