“February gives us a consistent start in 2018. This only shows the trust and commitment our customers have to our high-quality, best-in-class, and customer-focused products and services.”
- Ma. Fe Perez-Agudo, HARI President and CEO
Performance and Drivers
Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, has registered 2,649 unit sales for the month of February 2018. This leaves the total 2018 year-to-date Hyundai unit sales at 5,552, or a 1.5% increase compared to the 5,470 units sold during the same period of 2017.
The Passenger Car (PC) segment maintains its position as the main volume driver of sales by accounting to almost three-fourths of the total units sold, or 4,002 units year-to-date. The well-known Accent accounted for 2,363 units during this period. However, it was the Eon and Elantra that played as the main growth driver for this segment with a year-to-date growth of 1.8% and 88.0% respectively.
Although the Light Commercial Vehicles (LCV) segment recorded only one fourth of the brand’s total sales, the segment was at the spotlight with all its models registering positive growth. This was led by the beloved Grand Starex whose January to February unit sales growth rose by 32.6%, or 512 units in 2018 compared to the 386 units sold in 2017. This pushed the segment’s year-to-date sales to 1,550 units, a 18.1% growth from last year’s 1,313.
Sales and Economic Outlook
The current administration’s “Build, Build, Build” program is showing signs of accelerating as government spending acted as the main economic growth driver. Analysts have forecasted this rising trend would continue until the end of the year, along with buoyant business and consumer sentiments. This has cushioned any negative effects from rational expectations brought about by the recently implemented tax reform. HARI has still shown positive growth in the face of a weakening currency and the increasing prices. It just goes to show the brand’s capacity in seizing opportunities to generate good numbers in the coming months.