Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, continues its strong 2017 showing as it grew by 21% for the month February, or a total of 2,653 units sold, as compared to the same period of the previous year. This pushed accumulated January to February sales to 5,247, up by 15% as compared to 2016.
Performance and drivers
The strong demand for automotive vehicles in the country played as an anchor to HARI’s positive sales performance. The February results show that the Passenger Car segment remains as the driver for growth with a 22% Year-on-Year increase. This is specifically credited to the Accent, the brand’s sub-compact passenger car, as it proved to be HARI’s bestselling nameplate with a 114% increase compared to its February 2016 sales. The commercial vehicle segment was not far from the spotlight as it increased by 19% as compared to the same month of the previous year.
“Our strong start in 2017 paves the way for a promising year as we continue to satisfy our customers with premium quality products and services,” said Fe Perez-Agudo, president and chief executive, HARI.
Sales and economic outlook
Philippine GDP remains at the pink of health as it ended 2016 with a Full Year average 6.8%, falling on the upper-bound of the government’s 2016 GDP target of 6.0% – 7.0%. GDP for the fourth quarter of 2016 was at 6.6% as investors took a more conservative stance amidst the rising global uncertainties. Nevertheless, the overall stable growth of the economy can be attributed to the rising spending on infrastructure and domestic demand, as well as the high-spirited business and consumer sentiment, adequate credit, and domestic liquidity.