HARI sustains momentum with 17% sales growth in August

HYUNDAI Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, recorded 3,273 unit sales in August 2017, a 17-percent year-on-year growth from 2,798 units in 2016. This propelled January to August year-to-date sales to 24,233 units — a growth of nine percent from last year’s sales of 22,134 units.

“HARI continues to test its limits, finding new ways of enriching customer experience across all touchpoints of our operations. We take pride in understanding our customer’s desire and creating value through innovative experiences. Through this, we hold true to our vision of becoming the most beloved lifetime partner of the Filipino people,” said Ma. Fe Perez-Agudo, HARI President and CEO.

Sustained consumer appetite for HARI’s full model lineup and developments in product availability contributed to the company’s auspicious performance.

Accounting for nearly two-thirds of HARI’s total sales volume, the Passenger Cars (PC) segment grew by two percent from 2,087 unit sales in August 2016 to 2,122 unit sales this year. The sustained performance in this segment is largely attributed to the Accent, which grew by 14 percent from 1,212 units in August 2016 to 1,383 units in August 2017. Meanwhile, the Light Commercial Vehicles (LCV) segment posted a remarkable 62-percent growth in sales with 1,151 units. Credit goes to the H-100 which grew by 238-percent from 141 units last August 2016 to 477 units this August 2017.

Economic outlook for the Philippines remains to be positive as GDP is expected to accelerate by 6.8 percent in 2017. The optimistic sentiment towards the local market is anchored on sound macroeconomic fundamentals, continued high consumer demand and the ongoing reforms in the country’s tax system. Concern, however, is raised as the country’s currency continues to slip against the dollar. Nevertheless, companies are still bullish with survey results depicting a positive outlook from businesses.

Moreover, the government is very aggressive in its infrastructure programs that further drive economic growth. These bode well for the automotive industry. HARI, for its part, is determined to thrive under these circumstances and win the hearts of the Filipino consumers.