Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the country displayed bullish growth for the first three months of 2016. Ending the first quarter with 7,469 units, sales are up by 39% compared to the 5,364 units sold in the first quarter of the previous year. Quarter-on-quarter results also show auspicious results in automotive sales as the company also posted an identical 39% growth.
The Passenger Cars (PC) segment surged by 42% or 5,186 unit in the 1st quarter as compared to the 3,653 units sold in the same quarter of 2015. Light Commercial Vehicles (LCV) contributed substantially with 33% growth compared to the same period of the previous year. On the other hand, quarter-on-quarter results show a 23% pick up in sales for PC and a 99% increase for LCV.
Sales and Economic Outlook
The Philippines’ GDP grew 6.3% in the 4th Quarter, and 5.8% for the full year of 2015. Although a tad lower than projected growth by the IMF and World Bank, the Philippine economy still emerges as one of the top performing economies in the ASEAN. This is only a prelude to what is to come for 2016 as the Philippine economy is expected to get a boost from national election spending and the implementation of public-private partnership (PPP) projects. Economic expansion for 2016 is pegged to be at 6.4%.
The local automotive industry will likewise benefit from the overall bright scenario as auto-buying intentions are expected to be upbeat, given the low and manageable inflation, improving employment rates, and greater disposable income. With Hyundai’s upward sales trajectory in the first three months of the year, the company’s resurgence is within the horizon.
“Hyundai’s 2016 exudes great potential with the country’s very rosy economic and industry outlook. We are confident as we continue to serve our customers with bolder, fiercer, and game-changing products and services.” - Ma. Fe Perez-Agudo, HARI President and CEO