Hyundai sales soar 21% in Feb.

Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, continues its strong 2017 showing as it grew by 21 percent for the month February, or a total of 2,653 units sold, as compared to the 2,189 units in the same month last year.

This pushed its January to February sales to 5,247, up by 15 percent as compared to 2016 sales of 4,575 units.

HARI President and CEO Fe Perez-Agudo attributed its brisk sales to the strong demand for automotive vehicles in the country.

The February results showed that the passenger car segment remains as the driver for growth with a 22 percent 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 percent increase compared to its February 2016 sales.

The commercial vehicle segment was not far from the spotlight as it increased by 19 percent as compared to the same month of the previous year.

Philippine GDP remains at the pink of health as it ended 2016 with a full year average of 6.8 percent, falling on the upper-bound of the government’s 2016 GDP target of six percent to seven percent. GDP for the fourth quarter of 2016 was at 6.6 percent as investors took a more conservative stance amidst the rising global uncertainties.

Overall, Agudo said the 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.