● Global sales total 1.12 million units in third quarter of 2018
● Hyundai reports sales revenue of KRW 24.4 trillion, one percent increase Y-o-Y
● Operating profit at KRW 289 billion; Net profit KRW 306 billion
SEOUL, October 25, 2018 – Hyundai Motor today announced business results for the third quarter of 2018, reporting KRW 24.4 trillion in sales, which represents a one percent increase from the same period last year. Global sales decreased by 0.5 percent year-over-year to 1.12 million units.
In spite of difficulties caused by sluggish demand in major markets as well as uncertainties in the global trade environment, Hyundai SUV sales remained strong, led by the all-new Santa Fe.
However, unfavorable exchange rates ― such as a stronger Korean won against the U.S. dollar and weakening emerging market currencies ― suppressed profits and undermined the positive effects of the company’s product mix enhancement efforts.
Excluding China, global sales volume in the July-September period rose 0.3 percent from a year earlier to 937,660 units. Total sales in markets other than Korea decreased by 0.4 percent to 949,785 units, mainly due to the fall in US and China sales, which offset a significant growth in the European market.
In the domestic market, total sales and production were heavily affected by fewer working days due to the celebration of Chuseok holiday on September. The company posted 171,443 units sold in Korea, a 1.4 percent decrease compared to the previous year.
Operating income decreased by 76 percent year-over-year, resulting in KRW 289 billion. Notwithstanding the company’s continuous efforts to optimize costs, an increase in provisions related to quality improvement initiatives and recalls weighed on overall profitability. Net profit slid 67.4 percent to KRW 306 billion.
For the first nine months of this year, Hyundai Motor sold 3.36 million vehicle units while posting KRW 71.6 trillion, KRW 1.92 trillion and KRW 1.85 trillion in total revenue, operating profit and net income respectively.
Hyundai Motor plans to strengthen its model line-up for SUVs and luxury vehicles, while increasing investments in R&D and expanding strategic partnerships with global ICT leaders as an effort to tackle mounting market uncertainties. The company anticipates that the slowdown in the global automotive industry as well as concerns over global trade will continue in the fourth quarter.
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is committed to becoming a lifetime partner in automobiles and beyond with its range of world-class vehicles and mobility services offered available in more than 200 countries. Employing more than 110,000 employees worldwide, Hyundai sold more than 4.5 million vehicles globally. Hyundai Motor continues to enhance its product line-up with vehicles that are helping to build solutions for a more sustainable future, such as NEXO – the world’s first dedicated hydrogen-powered SUV. In 2018 the company revealed its new design philosophy ‘Sensuous Sportiness’, which will be embodied by all upcoming Hyundai vehicles.
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