Wednesday, March 1, 2017
Hyundai Philippines Starts Off 2017 with 18 Percent Growth
Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, is off to the races as it starts January 2017 with an 18 percent growth, or a total of 2,817 units sold, as compared to the same period of the previous year.
HARI’s auspicious performance was mainly attributed to the continuing strong demand for automotive vehicles in the country. The year-on-year segment results show that the PC segment played as the main driver to HARI’s growth with a 29 percent increase. This is credited to the Accent, the brand’s sub-compact passenger car, as it proved to be HARI’s bestselling nameplate with a 124 percent increase compared to its January 2016 sales.
Hyundai’s strong start to the year reflects an optimistic view in the automotive industry amidst the proposed excise tax on automotive vehicles. This is due to stable macroeconomic fundamentals, increasing household incomes, and upbeat rating in auto-buying intentions.