Hyundai Announces 2010 Business Results
- Sales revenue rises 15.4%, net profit up 78% on gains from overseas units
- Hyundai sells 3.6 million units globally in 2010
- Hyundai aims to increase sales and enhance brand image in 2011
Hyundai Motor Company, South Korea’s largest automaker, posted global sales of 3,612,487 units (domestic plants: 1,730,682, overseas plants: 1,881,805) in 2010, a 16.3 percent gain from a year earlier.
Sales revenue rose 15.4 percent to 36.8 trillion won from a year earlier as the company sold more cars and improved its product mix, while operating profit also rose 44.4% to 3.2 trillion won. Net profit increased 77.8 percent to 5.3 trillion won, buoyed by robust performance at Hyundai’s overseas plants and subsidiaries.
In spite of the persistent uncertainties in recent business conditions, Hyundai achieved some significant milestones in major markets last year. In the U.S., Hyundai achieved both quantitative and qualitative growth: Hyundai’s annual sales surpassed 500,000 units for the first time since entering the U.S. market in 1986, boosted by strong sales of its game-changing Sonata and Tucson. Brand loyalty to Hyundai has also increased, ranking its highest-ever No.3 spot in the J.D. Power and Associates 2010 Customer Retention Study as a result of strict quality management.
By introducing new models specifically designed for local customers, Hyundai’s sales in China and India are also at an all-time high, reaching over 700,000 units and 600,000 units, respectively. In Russia, Hyundai this month began mass production of its customized Solaris model, further increasing its presence in emerging markets.
In 2011, Hyundai plans to reinforce its internal competitiveness and achieve a global sales target of 3.9 million units. Hyundai will also focus on securing core competency for future growth, as well as strengthening cooperation with suppliers and actively carrying out Corporate Social Responsibilities.