Sales of Hyundai vehicles in the Philippines saw a 53 percent jump to 16,362 units in the first half of the year, which its distributor owed to the country’s vibrant economy and competitive automotive industry.
For the second quarter alone, sales of Hyundai Asia Resources Inc. (Hari), the official distributor of Hyundai vehicles in the country, surged by 67 percent to 8,893 units from the same period in 2015.
Reflecting the country’s economic cadence, “Hyundai continues to show boundless potential as the company further delights its customers with its portfolio of modern premium products and services,” Hari president and CEO Ma. Fe Perez-Agudo said.
In a statement Tuesday, Hari said its passenger car segment was the main growth driver in the first half, with sales growing by 58 percent to 11,207 units from the 7,111 units sold in the same period last year.
Due largely to the strong demand for the Accent model, passenger car sales continued to boost Hari’s second quarter performance. Sales for this segment surged by 74 percent to 6,021 units from a year ago.
The light commercial vehicles (LCV) segment was also in demand, with sales increasing 54 percent to 2,872 units in the second quarter as buyers went for the new Tucson. This brought total LCV sales in the first half to 5,156 units, up 44 percent from a year ago.
The firm said the country’s strong foundations would keep its economy afloat albeit there would be threats to its trade relations, especially with China on the heels of a ruling the latter had no legal rights to the South China Sea.
Nevertheless, the “local automotive industry will likewise benefit from the overall bright scenario given the upbeat auto-buying intentions, benign inflation, improving employment rates, and greater disposable income,” it added. Amy R. Remo