It looks like 2016 will be a banner year for Hyundai Asia Resources Inc (HARI).The country’s official Hyundai importer and distributor reported a robust 50 percent sales growth for the first nine months of this year.
Compared to the same period a year ago, HARI sold a total of 25,021 units, with the passenger car segment leading the charge with a 56 percent growth. Meanwhile, Light Commercial Vehicles weren’t left behind, rising at an equally healthy 37 percent.
Hyundai’s Philippine arm attributes its performance to the strong Philippine economy. Gross Demestic Product (GDP), a major economic growth indicator, rose at a steady 7 percent for the year’s second quarter. This is a close match to the best-ever 7.9 percent figure recorded in 2013. This can be credited to factors such as consumer and infrastructure spending during the elections, as well as a bullish business climate.
The year isn’t over yet. But by the looks of things, it seems like Hyundai is on its way to ending the year with a bang.
