MANILA, Philippines – Hyundai Asia Resources Inc. (HARI), the official distributor of Hyundai vehicles in the country, grew its sales by half in the nine months to September this year behind strong take-up for both passenger cars and light commercial vehicles.
HARI said its sales as of end-September reached 25,021 units, up 50 percent year-on-year.
The company’s passenger car segment saw an improvement in sales of 56 percent year-on-year, while that of the light commercial vehicle segment rose 37 percent.
“Nearing the close of 2016, a more favorable outlook is seen for the remainder of the year as Hyundai is likely to maintain its growth momentum, mirroring the vitality of the country’s economy and its fast-growing automotive industry. With an endless potential, the company will continue to relentlessly satisfy its customers with its line-up of modern premium products and services,” HARI president and CEO Ma. Fe Perez-Agudo said.
HARI said the country’s strong macroeconomic foundation, higher disposable income, and an upbeat rating in auto-buying intentions has kept “an opportunistic view for the demand of automotive vehicles” amid the proposal to increase taxes on both fuel and automotive vehicles.
“Hyundai’s positive growth strengthens this sentiment and only validates the claim of 2016 being the year of the company’s renascence,” the firm said.