After finishing 2016 with a whopping 53% growth rate, Hyundai Asia Resources Inc. (HARI), official distributor of Hyundai vehicles in the country, begins 2017 with an equally strong showing.
The Korean auto giant reported an 18% increase in sales in the month of January 2017 alone. Compared to the same period last year, HARI sold 2,817 vehicles for the first month of 2017. This was due mainly to the robust sales of the Hyundai Accent, which grew by a substantial 124% vis-à-vis 2016 levels. The subcompact was the main driver, followed by Hyundai’s other models like the Grand Starex, Elantra, Tucson, and Santa Fe, among others.
The increased demand for automobiles is due mainly to the strong Philippine economy. This is seen from a 6.8% Gross Domestic Product (GDP) growth rate, with the 4th quarter alone growing at pretty much the same pace. This is on track with the government’s target of 6-7% for 2016.
The upward trend in domestic, infrastructure, and consumer spending are responsible for this performance. And while there is a cloud hanging over the automotive industry due to the impending excise tax on automobiles, which could drastically raise sticker prices, HARI remains confident that it, along with the entire industry, will weather the storm.
