MANILA – Hyundai vehicles posted record sales in the Philippines of 3,371 units in March—the highest monthly output in the 15-year history of Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai in the country.
The remarkable March record pushed first quarter sales to 8,841, up by 18% as compared to the 7,469 units sold in the same period of 2016, said a statement by HARI.
At the forefront of HARI’s auspicious performance is its volume driver, the Passenger Cars (PC) segment which grew by 15% from 5,186 units in Q1 2016 to 5,986 units in Q1 2017. Sales in this segment was driven by Accent, which remains as the brand’s top-selling nameplate, with 3,835 units sold in the first three months of 2017.
Sales of the Light Commercial Vehicles (LCV) segment in Q1 2017 reached 2,855 units, a 25% increment from the previous year’s 2,283 Q1 sales. The growth in this segment is largely attributed to high pickup for the brand’s utility truck, the H-100.
HARI, meanwhile, expressed confidence that Hyundai would reach its full potential in sales and achieve another record-breaking year. It based its optimism on the robust economic indicators.
Philippine GDP ended 2016 with a full-year average of 6.8%, falling in the upper range of the government’s 2016 GDP target of 6.0% to 7.0%. The Q1 2017 GDP is projected to remain in the 6.5% to 7.0% rate as the increased infrastructure spending continues to fuel economic activity, HARI noted. Such strong economic growth and a steady inflation, along with the increasing purchasing power of the middle class, are good factors for boosting vehicle sales, HARI said.
“With our recent achievements, we expect to ride on the crest of a new wave of automotive resurgence in 2017. Through innovation and relentless pursuit of our customers, we are confident that we will continue to forge new ground, one milestone at a time,” said Ma. Fe Perez-Agudo, HARI President and CEO.