Hyundai Asia Resources, Inc. the official distributor of Hyundai vehicles in the country, kept its growth momentum as it remained as one of the automotive industry’s high flyers. Hyundai closed its 2016 nine-month sales with a robust 50% growth, mainly attributed by both Passenger Car (PC) segment and Light Commercial Vehicles segment. All in all, the company sold a total of 25,021 units by the end of September.
As the front runner of HARI’s growth, the PC segment grew at a double-digit rate of 56% 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% from previous year.
Meanwhile, third quarter results showed 53% growth for the PC segment, while the LCV segment improved its sales by 23%.
Philippine GDP expanded by 7.0% for second quarter of 2016 – the fastest quarterly expansion since the 7.9% 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.