“HARI’s aggressive growth in the first half of 2017 is a strong testament to the impact we have set in the hearts of the Filipino people. A responsive automotive market, together with our high-quality, best-in-class, and customer-focused products and services, keep us on track for another record-breaking year.”
– 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, once again breaches the three thousand mark by closing June 2017 with 3,203 units. This pushed 1st semester sales to 17,364 up by 6% as compared to the 16,362 units sold in the same period of 2016.
At the forefront of HARI’s favorable performance is its volume driver, the Passenger Cars (PC) segment, which grew by 7% from 11,207 units in the first half of 2016 to 12,037 units in the same period of 2017. Credit goes to the Accent, which remains as the brand’s top-selling nameplate, with 7,711 units sold in 2017.
The Light Commercial Vehicles (LCV) segment was not to be outdone as total 1st semester sales reached 5,327 units, a 3% increment from the previous year’s 5,155 sales. 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 grew slower than expected at 6.4% in the first quarter of 2017, falling below the projected 6.5% to 7.0% by the government but still placing ahead of other ASEAN nations. The decrease was mainly due to the slowdown in the implementation of infrastructure projects and the high base effect from the election spending of the 1st Quarter of 2016. The second quarter GDP is projected to remain within the 6.5% to 7.0% rate as increased infrastructure spending continues to fuel economic activity. Strong economic growth, stable prices, and low oil prices due to increased oil production allow the Philippines to continue to offer good opportunities in the automotive market. All these signs prove positive for Hyundai in reaching its full potential in sales and achieving another milestone year.