July 26, 2017 - Hyundai Motor Company announced its 2017 first-half business results today in Seoul, reporting a 1.4 percent year-on-year increase in sales revenue.
In the first half of 2017, Hyundai Motor’s global sales totalled 2.20 million units compared to 2.39 million units in the same period last year amid weak sales in China.
Excluding China, the company’s global sales in the first six months increased 1.5 percent from a year earlier to 1.88 million units.
Operating profit totalled KRW 2.60 trillion, a 16.4 percent decline from KRW 3.10 trillion in the same period in 2016 and net profit declined to KRW 2.32 trillion compared with KRW 3.53 trillion a year earlier. Increased spending in marketing activities to promote new models as well as appreciation of the Korean won impacted the company’s overall profitability.
While uncertainty in business environment is likely to continue for the time being, Hyundai Motor will continue to strive to strengthen its competitiveness in the global market by enhancing product line-up and strengthen R&D capabilities.
Hyundai plans to increase supply of SUV models to meet the growing demand worldwide. The company will introduce the new compact SUV Kona in Europe and in the U.S. in the second half, following a debut in Korea market last month.
Also, the GENESIS brand is due to launch its third model G70 sedan in the second half to cement presence in the global luxury vehicle market. The new model will not only help nurture brand perception but also support company’s profitability.
In the second quarter ended June, Hyundai posted an operating profit of KRW 1.34 trillion on revenue of KRW 24.30 trillion. Net profit totalled KRW 0.91 trillion.
Hyundai Motor will continuously invest in R&D with focus on three core future technologies -- Clean Mobility, Freedom in Mobility and Connected Mobility -- to ensure future growth.
Cautionary Statement with Respect to Forward-Looking Statements
In this release, our use of the word “expect,” “anticipate,” “project,” “estimate,” “forecast,” “objective,” “plan,” “goal,” “outlook,” “target,” “pursue” and similar expressions is intended to identify forward looking statements.
The financial data discussed herein are presented on a preliminary basis before the audit from Independent Auditor; final data will be included in HMC’s Independent Auditors report. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important factors. Such factors include, among others, the following : change in economic conditions, currency exchange rates or political stability; shortages of fuel, labor strikes or work stoppages; market acceptance of the corporation’s new products; significant changes in the competitive environment; changes in laws, regulations and tax rates; and the ability of the corporation to achieve reductions in cost and employment levels to realize production efficiencies and implement capital expenditures at levels and time planned by management.
We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made.
About Hyundai Motor
Established in 1967, Hyundai Motor Company is committed to becoming a lifetime partner in automobiles and beyond. The company leads the Hyundai Motor Group, an innovative business structure capable of circulating resources from molten iron to finished cars. Hyundai Motor has eight manufacturing bases and seven design & technical centers worldwide and in 2016 sold 4.86 million vehicles globally. With more than 110,000 employees worldwide, Hyundai Motor continues to enhance its product line-up with localized models and strives to strengthen its leadership in clean technology, starting with the world’s first mass-produced hydrogen-powered vehicle, ix35 Fuel Cell and IONIQ, the world’s first model with three electrified powertrains in a single body type.
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