Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, started off its January 2017 on a high note with a total of 2,817 units sold, or 18% growth over the same period of the previous year.
HARI’s auspicious performance was mainly attributed to the continuing strong demand for automotive vehicles in the country. The year-on-year segment results show that the Passenger Car segment played as the main driver to HARI’s growth with a 29% increase. This is credited to the Accent, the brand’s sub-compact passenger car, as it proved to be HARI’s bestselling nameplate with a 124% increase compared to its January 2016 sales.
Hyundai’s strong start to the year reflects an optimistic view in the automotive industry amidst the proposed excise tax on automotive vehicles. This is due to stable macroeconomic fundamentals, increasing household incomes, and upbeat rating in auto-buying intentions.
“Our strong start in 2017 is a testament of the market’s welcome response to our long-standing commitment of providing high-quality, best-in-class, and customer-focused products and services.”- Ma. Fe Perez-Agudo, HARI President and CEO