Hyundai Motor posts highest Q3 earnings on upbeat US sales
Hyundai Motor Group said Thursday it hit record earnings in the third quarter thanks to all-time high sales in the US market. The company’s operating profit from July to September skyrocketed 146.3 percent from last year to 3.8 trillion won ($2.8 billion), its highest figure since 2011. Its sales revenue increased 8.7 percent to 41 trillion won in the same period. The world’s third-largest carmaker sold a total of 1.04 million cars abroad and within Korea, a 2 percent jump from a year ago in the third quarter. It marks its second-highest number in the last five years, according to the company. US sales, in particular, jumped 27 percent with the value-added car lineups – sport utility vehicles like the Tucson, Palisade and Kona – and the premium Genesis brand, according to Yoon Tae-sik, head of the investor relations team at Hyundai Motor Group. Stressing that US business witnessed its highest-ever sales, Seo Gang-hyun, chief financial officer at Hyundai Motor Group, said Europe and India led the sales boost as well. Europe has shown strong demand for the new Kona EV and hybrid cars, while Hyundai’s micro-SUV Exter, which was launched in July, led the India sales. Its domestic sales rose 3 percent from a year earlier, driven by the new Kona and Santa Fe SUVs along with hybrid cars. In addition to worldwide sales growth, Seo said SUV models and Genesis cars made up around 60 percent of total sales in the third quarter, improving the product mix with highly profitable vehicles. Despite concerns about sluggish EV demand, electric car sales jumped 26.1 percent from a year earlier, as battery-powered and hybrid cars took up 6.3 percent and 8.6 percent, respectively. For this year’s earnings outlook, Seo said, “The company is likely to hit the upper band of the annual guidance – 15 percent growth in sales and 9 percent operating profit margin. Although there are global macroeconomic uncertainties, we plan to make a decision-making process focusing on profitability and anticipated demands from different regions.” Highlighting the all-important US market, the automaker expects a continuous upward trend for SUV sales there, with the new Santa Fe debut next year. It has worked with its local design centers during the early stage of product development to cater to the needs of the US customers, according to Seo. “We’re also striving to improve and expand local dealerships under the ‘bigger the better strategy,’” said Seo. “The company is providing subsidies to dealers, who play a key role in tapping US customers.” As for the recent settlement between Ford Motor Co. and the US United Auto Workers on a 25 percent wage increase, Seo said, “Hyundai’s Alabama plant workers are not part of the union, however, we plan to have negotiations considering the fact that the company already increased the wage.” Even though EV markets are seeing signs of demand slowing down, Hyundai plans to stick to its plan to meet a sales target of 3.6 million units by 2030. Its EV manufacturing plant in the US state of Georgia is expected to complete construction and start production in late 2024 as planned. “Sales targets for next year could be adjusted depending on the market situation. But we will not drastically cut the production volume or delay the development of new electric cars,” Seo said.
相关推荐
-
Korea to showcase advanced climate technologies at COP28 Dubai
-
Pianist Chung Kyu
-
Man arrested for assaulting woman for having short hair
-
Coupang opens 2nd fullfillment center in Taiwan
-
German envoy calls for enhanced security cooperation with S. Korea
-
SK On to supply EV batteries to Polestar from 2025
- 最近发表
-
- Seoul reviews scenarios for restoring guard posts in DMZ
- 尹대통령 “군장병 확고한 국가관·대적관 안보대세 가져야”
- Yoon regards illegal stock short selling serious 'malady': presidential office
- Coupang opens 2nd fullfillment center in Taiwan
- South Korea warns tit
- Korea suspends stock short selling until start of July 2024
- Without light, Lightwalk will not be architecture: Dominique Perrault
- Yoon vows to move up completion of GTX commuter rail networks
- Labor unions slam government efforts to attract more foreign workers
- Two Koreas race to launch first homegrown military spy satellites
- 随机阅读
-
- Disability rights group lodges complaint with rights watchdog over leader's arrest
- S. Korean family fleeing Gaza departs for Seoul via Egypt
- Yoon's approval rating up for 2 consecutive weeks
- 尹대통령 “군장병 확고한 국가관·대적관 안보대세 가져야”
- Cheong Wa Dae to open for winter night stroll event
- Man arrested for assaulting woman for having short hair
- Mayplace Hotel marks ninth anniversary with room promotions
- S. Korean family returns home after fleeing Gaza via Egypt
- Disability rights group lodges complaint with rights watchdog over leader's arrest
- World Cup in Saudi Arabia sparks human rights protest
- S. Korean family fleeing Gaza departs for Seoul via Egypt
- NewJeans, Heartsteel to open 2023 LoL World Championship Finals
- China’s AliExpress eyes expansion in Korea
- Over 90 pct of cattle vaccinated against lumpy skin disease
- [Today’s K
- Govt. push to exempt doctors from medical error responsibility stirs debate
- Jeju's autonomy is model for Western Sahara: Morocco
- BAT design chief stresses responsible design
- Two Koreas race to launch first homegrown military spy satellites
- Korea suspends stock short selling until start of July 2024
- 搜索
-
- 友情链接
-
- Hyundai Engineering wins US gas
- [Photo News] Mudeungsan fully opens door to public after 57 years
- Allies vow stern measures against Russia
- Hyundai Engineering wins US gas
- Sabre fencer, swimming relay team eye historic medals
- [New in Korean] Ancient Korean mummy unearthed in Irish peatland
- [Photo News] Mudeungsan fully opens door to public after 57 years
- Sabre fencer, swimming relay team eye historic medals
- Opposition head pleads for support in ‘fight against Yoon dictatorship’
- [Today’s K
- Chief justice seat at top court left vacant amid Assembly chaos
- Orchestra composed of players with visual impairment to perform Oct. 4
- S. Korea’s consumer sentiment turns sour in September: BOK index
- Unification ministry urges NK to immediately send detained S. Koreans back home
- Foreigners ditch sluggish Korean stocks
- 문재인 "부동산 정책, 초유 상황에 실책…신뢰 잃어 뼈아프다"
- Opposition leader Lee attends arrest warrant hearing at Seoul court
- Questions remain after passage of anonymous birth bill
- Seoul condemns Hamas’ attack on Israel
- Immersive, digital art shows to enjoy during extended holiday
- Israeli forces clash with Hamas gunmen after hundreds killed
- S. Korean ambassador says stronger Russia
- N. Korean envoy vows stronger 'self
- Death toll from Afghan quakes rises to more than 2,000
- S. Korea finishes 3rd with 42 gold medals at Hangzhou Asian Games
- [Herald Interview] S&P economist tells Korea to brace for worst
- 120,000 more public homes to be supplied by this year
- Yoon appoints new defense, culture ministers without parliamentary confirmation
- 보란듯 제재 무시하며 국제법 준수?…김정은 활용하는 푸틴의 속내는