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Business Hyundai Motor Announces 2023 Q3 Business Results
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Business Hyundai Motor Announces 2023 Q3 Business Results
SEOUL, October 26, 2023 – Hyundai Motor Company today announced its business results for the third quarter of 2023, reflecting continued strong demand for its electrified models, including hybrid, plug-in hybrid, and electric vehicles, sport utility vehicles (SUV) and luxury models around the world.
Hyundai Motor’s third-quarter revenue increased 8.7 percent year-over-year to KRW 41 trillion, and operating profit rose to KRW 3.82 trillion, jumped 146.3 percent from a year earlier when the company booked one-off quality-related warranty provisions. The company’s operating profit margin for the period hit 9.3 percent. Its net profit (including non-controlling interest) also was up 134 percent to KRW 3.3 trillion.
Hyundai Motor sold 1,045,510 units around the globe in the third quarter, a 2 percent increase from a year earlier. Sales in markets outside of Korea were up by 1.9 percent to 878,541 units thanks to strong markets, including North America, Europe, and India, and sales in Korea increased by 2.8 percent to 166,969 units.
The overall sales increase, especially for SUV and Genesis luxury models, as well as the favorable exchange rate, helped lift revenue in the third quarter. Hyundai Motor also sold nearly 169,000 units of electrified models in the period, an increase of more than 33 percent from a year earlier.
The company expects the sales momentum to be enhanced thanks to improved production status, stronger demand for Hyundai, Genesis-branded models and lower inventory levels, lifting profitability despite the global business uncertainties, such as geopolitical issues, interest rate fluctuations and rising inflation.
Hyundai Motor to secure solid profitability as well as EV leadership
Hyundai Motor aims to secure robust profitability and achieve its annual guidance through increased sales, enhanced product mix with more SUVs and luxury models.
The company will continue to strengthen its global leadership position in EVs by growing sales of its World Car of the Year-winning IONIQ 6 and IONIQ 5 and launching more models, including Hyundai Kona EV, Genesis’ GV60, Electrified G80 and Electrified GV70 in markets around the world.
The company has also launched IONIQ 5 N, its first high-performance EV model, to further solidify its global EV leadership. In addition, IONIQ 6 will be introduced to more markets around the globe.
Hyundai Motor expects the fifth-generation, all-new Santa Fe midsize SUV, which made its world premiere this August, to strengthen its solid sales momentum this year.
(Revenue / Operating Profit / Net Profit unit: Billion KRW)
| 2023 Q3 | 2022 Q3 | Y/y Change | ||
| Vehicle sales (Units) | 1,045,510 | 1,025,010 | 2.0% | |
| Korea | 166,969 | 162,439 | 2.8% | |
| Rest of the world | 878,541 | 862,571 | 1.9% | |
| Revenue | 41,002.7 | 37,705.4 | 8.7% | |
| Operating profit | 3,821.8 | 1,551.8 | 146.3% | |
| Net profit | 3,303.5 | 1,411.5 | 134.0% | |
* Net Profit includes non-controlling interest
* Under K-IFRS
Notes:
A. The above results are tentative consolidated business results under “Korean International Financial Reporting Standards (K-IFRS)”
B. The above results are preliminary and unaudited. Figures are subject to change after the official audit.
C. The above sales volumes are based on wholesales unless otherwise specified.
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions, while pursuing open innovation to introduce future mobility services. In pursuit of sustainable future for the world, Hyundai will continue its efforts to introduce zero emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.
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https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai , Kia Global Media Center (kianewscenter.com) , Genesis Media Center
