Hyundai Asia Resources, Inc., the official distributor of Hyundai vehicles in the Philippines, has 3,266 unit sales for October 2017, a 33% year-on-year growth from 2,462 units in 2016. This made an impact to the 2017 January to October YTD sales of 30,717 units – a 12% growth from last year’s sales of 27,483 units.
The sales of Passenger Cars (PC) segment grew by 22% from 1,726 unit sales in October 2016 to 2,113 unit sales this year. The good performance of Accent, the top-selling model of this segment, contributed to this growth. Accent recorded an impressive sales growth of 88% from 758 units in October 2016 to 1,424 units in October 2017 – sales was nearly doubled for October year-on-year performance. Meanwhile, LCV grew from 736 unit sales in October last year to 1,153 units sales this year, recording a 57% growth. H-100, under the LCV segment, had a very significant growth of 117% from 169 units last October 2016 to 366 units this October 2017.
Sales and Economic Outlook
The Philippines’ gross domestic product surpassed expectations as it grew by 6.9% during the third quarter of 2017. This has been the highest growth among the past three quarters. According to the Philippine Statistics Authority, the main drivers of economic growth are exports and imports. The interplay of strong economic growth and competitive automotive industry continues to strengthen the consumer appetite for goods, such as vehicles. With this, HARI looks forward to achieving more milestones in its operations in the Philippines.