2017 has been a good year for Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, with sales hitting a record high of 37,678 units. That’s a 12% sales growth from 2016, which boasted 33,695 units.
The passenger car (PC) segment grew by 7% in 2017, with sales registering at 25,529 units. The Accent is the top-selling unit, contributing to 16,454 units to HARI’s 2017 total sales. The Elantra also increased at 20% with 1,963 units being sold in 2017, compared to the 1,631 units in 2016.
The light commercial vehicle (LCV) segment also grew an impressive 23% from 2016, posting 12,149 units sold in 2017. The Grand Starex grew by 562 units from 2016, showing a 15% growth rate at 4,295 units. The Tucson also increased by 12%, with 3,649 units sold versus 3,257 units in 2016. The fastest growing LCV unit in this segment is H-100, which closed at 3,439 units for 2017 from 2,280 units last year, registering an enormous growth of 51%.
With the passing of the Tax Reform for Acceleration and Inclusion (TRAIN) into law, pressure for further price increase, particularly in the automotive sector, is likely inevitable. Nevertheless, the industry remains optimistic that the additional disposable household income of taxpayers resulting from TRAIN and the technology-driven value proposition of car players would likely to sustain high demand for automotive vehicles. HARI hopes to leverage on this sustained high consumer confidence as it welcomes moves ahead in 2018.