“With our recent achievements, we expect to ride on the crest of a new wave of automotive resurgence in 2017. Through innovation and relentless pursuit of our customers, we are confident that we will continue to forge new ground, one milestone at a time."
- Ma. Fe Perez-Agudo, HARI President and CEO
Performance and Drivers
Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, closed March 2017 with record sales of 3,371 units—the highest monthly output in the company’s 15-year history. This pushed first quarter sales to 8,841, up by 18% as compared to the 7,469 units sold in the same period of 2016.
At the forefront of HARI’s auspicious performance is its volume driver, the Passenger Cars (PC) segment which grew by 15% from 5,186 units in Q1 2016 to 5,986 units in Q1 2017. Credit goes to the Accent as it remains as the brand’s top-selling nameplate with 3,835 units sold in the first three months of 2017.
The Light Commercial Vehicles (LCV) segment was not to be outdone as total Q1 2017 sales reached 2,855 units, a 25% increment from the previous year’s 2,283 Q1 sales. The growth in this segment is largely attributed to high pickup for the brand’s utility truck, the H-100.
Sales and Economic Outlook
Philippine GDP remains at the upside as it ended 2016 with a full-year average of 6.8%, falling on the upper-bound of the government’s 2016 GDP target of 6.0% to 7.0%. The Q1 2017 GDP is projected to remain in the 6.5% to 7.0% rate as the increased infrastructure spending continues to fuel economic activity. A strong economic growth and a steady inflation, adding to the increasing purchasing power of the middle class, allow the Philippines to continue to offer good opportunities. All these signs prove positive for Hyundai in reaching its full potential in sales and achieving another record-breaking year.