Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, reported record sales in 2016, with 33,695 units sold, 53% higher than previous year figures. In the fourth quarter alone, sales of 8,674 units represented a robust 62% year-on-year increase.
As the front runner of HARI’s growth, the PC segment grew at a double-digit rate of 53% 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. The Light Commercial Vehicles (LCV) segment was not far from the spotlight as it pushed to grow 52% over the previous year, with the well-loved Grand Starex passenger van leading the company’s LCV sales.
According to HARI president & CEO Ma. Fe Perez-Agudo, “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.”
Philippine GDP expanded by 7.1% for third quarter of 2016–the fastest quarterly expansion since the 7.9% 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’s positive growth strengthens this sentiment and has brought upon record breaking sales for the company for the full year of 2016.