Hyundai PH Achieves Double-Digit Sales Growth for 2017
Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the Philippines, closed its 2017 sales with a record-high of 37,678 units, a 12-percent sales growth from 33,695 units in 2016.
The Passenger Cars (PC) segment grew by 7 percent in 2017, registering sales at 25,529 units. Leading the lineup is the Hyundai Accent, which also has the fastest growth in the segment, with 16,454 units--a whooping sales growth of 33 percent from 12,360 units in 2016. Another best-seller for the segment is the Hyundai Elantra with 1,963 units sold in 2017 compared to the 1,631 units sold in 2016 for a 20 percent increase.
Hyundai's Light Commercial Vehicles (LCV) segment also recorded a phenomenal growth of 23 percent from 2016's sales, with 12,149 units sold in 2017 from 9,888 units in 2016. The largest contributor for the LCV segment sales is the Hyundai Grand Starex with 4,295 units sold in 2017, an increase of 562 units from the previous year, recording a 15-percent growth rate. Sales for the Hyundai Tucson also grew by 12 percent with 3,649 units sold in 2017 versus 3,257 units sold in 2016. The fastest growing unit in this segment is the Hyundai H-100, which closed at 3,439 units for 2017 from 2,280 units last year for an enormous growth of 51 percent.
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 automotive sector 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.
"Listening and understanding the voice of customers led to HARI's significant growth in 2017. Our success is our customers' success," said HARI President and CEO Maria Fe Perez-Agudo.
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