Hyundai Motor Reports Quarterly Earnings
(Seoul, Korea) Hyundai Motor Company, South Korea’s largest automaker, sold 2,668,699 units (domestic plants: 1,275,644 units, overseas plants: 1,393,055 units) worldwide year-to-date, a 21 percent increase from a year earlier, helped by strong demand in overseas markets.
Net profit through September almost doubled to 3.9 trillion won compared to the same period last year, boosted by a surge in earnings from overseas subsidiaries such as the U.S. and China. Operating profit rose 66 percent to 2.3 trillion won, while sales increased 21 percent to 26.8 trillion won.
Hyundai’s global market share stands at 5.1 percent. Based on strong competitiveness in the small and mid-size car segments, Hyundai developed a series of new models specifically catering to each region’s needs to thrive in both advanced and emerging markets.
The U.S. monthly market share hit an all-time high of 5.4 percent in August buoyed by high demand for the all-new Sonata and Tucson, while China also posted its biggest monthly sales, surpassing 73,000 units in September.
Following the success of the all-new Sonata, which recently earned top safety ratings from a more rigorous NHTSA test, the Equus, a luxury flagship sedan and an upcoming hybrid version of Sonata are expected to continue to showcase Hyundai’s cutting-edge technology and enhance brand awareness.
In response to intensified competition among global automakers and surging demand in major emerging markets, Hyundai is scheduled to start production at its sixth overseas plant in January next year, which is located in St. Petersburg, Russia.