HARI sales leap 50% in 1st 9 months

HYUNDAI Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the country, kept its growth momentum as it remains as one of the automotive industry’s high flyers.

Hyundai closed its 2016 nine-month sales with a robust 50 percent growth, mainly attributed by both Passenger Car ( PC) segment and Light Commercial Vehicles (PCV) segment. All in all, the company sold a total of 25,021 units by the end of September.

“Nearing the close of 2016, a more favorable outlook is seen for the remainder of the year as Hyundai is likely to maintain its growth momentum, mirroring the vitality of the country’s economy and its fast-growing automotive industry. With an endless potential, the company will continue to relentlessly satisfy its customers with its line- up of modern premium products and services,” said Ma. Fe Perez- Agudo, HARI President and CEO.

As the frontrunner of HARI’s growth, the PC segment grew at a double-digit rate of 56 percent in the first nine months of the year. The Light Commercial Vehicles (LCV) segment, meanwhile, was not far from the spotlight as it pushed its nine-month sales to 37 percent from previous year.

Meanwhile, third quarter results showed 53 percent growth for the PC segment, while the LCV segment improved its sales by 23 percent.

Philippine GDP expanded by seven percent for second quarter of 2016 – the fastest quarterly expansion since the 7.9 percent 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 for the demand of automotive vehicles. Hyundai’s positive growth strengthens this sentiment and only validates the claim of 2016 being the year of the company’s renascence.