Driven by record sales of their Eon mini-hatchbacks and Accent sub-compacts—and by increased sales across the board for their mini, sub-compact and compact vehicle offerings—Hyundai Philippines sustains remarkable first semester performance to finish 2016 with 53 percent growth.
Press Statement by Suzuki Philippines Incorporated, “HARI Hits Record Sales For 2016,” 2017:
“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.” – Ma. Fe Perez-Agudo, HARI President and CEO
Performance and Drivers
Attributed mainly to the steadily rising demand for automotive vehicles in the country, Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, hit record sales ending the year 2016. Hyundai closed its Full Year 2016 sales with a 53% growth as compared to the previous year. Vehicle sales reached 8,674 units in the 4th Quarter alone, equating to a 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% of the same period from the previous year, with the well-loved Grand Starex passenger van leading the company’s LCV sales.
Sales and Economic Outlook
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.