Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai
vehicles in the country, reported a solid 13% quarter-on-quarter
increase in the third quarter of this year.
Fe Perez-Agudo, HARI president and CEO, said that unit sales jumped to
6,014 units from the 5,325 units sold in Q2 2015. Year-to-date sales
though slowed to 16,703 units, 6 percent less than 17,693 units sold in
Passenger Car (PC) category remarkably grew by 24 percent to 4,283
units in the third quarter 2015 versus the 3,458 units sold in the
second quarter 2015, mainly due to the strong sales performance of the
Eon and Accent.
sales of Light Commercial Vehicles (LCV) for the third quarter of 2015
dipped by 7 percent to 1,731 units from the 1,867 units in the second
quarter of 2015.
Year-on-year sales show PC’s slight decline of 3 percent, while LCV group grew by 7 percent in Q3 2015.
to Agudo, the Philippines still remains as one of the fastest growing
economies in Asia, next to China and Vietnam, primarily owing to
improved fiscal expenditure amid external headwinds.
noted that despite the sluggish export and muted agriculture, Q2 GDP
growth reached 5.6 percent which is stronger than the revised Q1 GDP
growth of 5.0 percent. This translated to an average of 5.3 percent for
the first semester of the year.
that scenario, the Philippines will unlikely hit the government
economic target of 7-8 percent for 2015. This is further aggravated by
the dry spell brought by El Nino which can persist until the first half
of 2016 despite the expected boost from the election-related spending
ahead of 2016.
Another growth driver is the continuing low inflation regime, Agudo said.
dropped to new low of 0.4 percent, for the month of September,
translating to 1.6 percent which is below the government’s target of 2-4
percent. Slowdown in commodity prices is generally attributed to
downward pressures in food, energy and utility prices. Continuing effect
of lower inflation further supports the auto industry as evident by the
robust auto sales. This is also fueled by the growing auto loan which
is buoyed by the attractive financing packages. This bodes well for the
auto industry as it is projected to grow by double-digit year-end.
the holiday season fast approaching, Hyundai is emboldened to delight
the Filipino market with unwavering customer service on top of a product
line-up tailor fit to their changing lifestyle amid the heightened
competition in the automotive arena,” Agudo said.