Hyundai Asia Resources Inc., the official distributor of Hyundai vehicles in the country, said sales grew 53 percent in the first semester on the back of strong domestic demand.
“Reflecting the vibrancy of the country’s economy and automotive industry, Hyundai continues to show boundless potential as the company further delights its customers with its portfolio of modern premium products and services,” said Hari president and chief executive Ma. Fe Perez-Agudo.
The company said sales of passenger cars surged 58 percent in the first six months to 11,207 units from 7,111 units in the same period in 2015.
Second-quarter sales of passenger cars alone jumped 74 percent from a year ago, amid strong pickup of the Accent model.
The light commercial vehicles segment also performed well, growing 44 percent in the first six months. Second-quarter light commercial vehicle sales expanded 54 percent, led by robust sales of the all-new Tucson.
Agudo said the company remained optimistic that good economic performance would continue in the next six months.
“The Philippines is seen to remain its upbeat position in the eyes of investors given President Duterte’s pronouncement to continue the economic policies of the previous administration. The country’s strong macroeconomic foundation has kept it resilient despite geopolitical headwinds, such as the ‘Brexit.’ This, however, will be put to the test as China threatens to hinder trade relations in the region due to the unfolding of recent news from the West Philippine Sea issue,” Agudo said.
The local automotive industry will also benefit from the overall bright scenario given the upbeat auto-buying intentions, benign inflation, improving employment rates and greater disposable income, she said.