Hyundai Motor Tops 4 Trillion Won in Q2 Operating Profit, Best-Ever Business Performance
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Hyundai Motor Tops 4 Trillion Won in Q2 Operating Profit, Best-Ever Business Performance
Logs 42,249.7 billion won in sales and 4,237.9 billion won operating profit in the second quarter of 2023

23(Sat), Sep, 2023




Chairman Chung Eui-sun of Hyundai Motor Group. (Photo: Hyundai Motor Group)


Hyundai Motor chalked up 42,249.7 billion won in sales and 4,237.9 billion won in operating profit in the second quarter of this year, the best-ever business performance, based on the International Financial Reporting Standards (IFRS). 

If Hyundai Motor’s business performance is combined with Kia Motors’ figures, to be released by July 27, the two automakers are forecast to rank second in Q2 operating profit among global automakers, beating Toyota by 7 trillion won. 

In a conference call on its business performance for the second quarter of the year, Hyundai Motor said the automaker logged 42,249.7 billion won in sales, 4,237.9 billion won in operating profit, 4,834.4 billion won in ordinary profit and 3,346.8 billion won in net profit based on the IFRS.

Hyundai Motor said, “Hyundai Motor saw production rise on the back of the improving of global semiconductor and other automotive parts supply and solid potential demand over the same period of last year.” 





The automaker saw its Q2 operating profit increase year-on-year thanks to a rise in selling units, the improving of a product mix focusing on value-added cars and the effects of favorable foreign currencies.

Hyundai Motor said the 8.5 percent year-on-year surge in selling cars was mainly owed to the strong showing of the 7th-generation “All New Grandeur” and the “All New Kona.” 

The two models sold a combined 205,503 units, a 12.7 percent year-on-year jump and they surged 7.6 percent year-on-year to 854,210 units in the global markets on the back of the expanded sales of eco-friendly cars such as the INONIQ 6 electric sedan.

Hyundai Motor saw sales soar 17.4 percent year-on-year to 42,249.7 billion won. 

The rising sales were attributable to a rise in car units sold, the improving of a product mix focusing on Genesis car models and SUVs and the effects of favorable foreign currencies. 

The average won-dollar exchange rate surged 4.4 percent year-on-year to 1,315. 

The automaker saw the cost of sales decline 0.4 percentage points to 79 percent over the same period of last year.

Hyundai Motor saw its business performance improve on the back of the rising operation rate coupled with the improving of parts supply and the effects of favorable foreign currencies. 

As a result, its Q2 operating profit surged 42.2 percent year-on-year to 4,237.9 billion won. It was the first time since its founding that Hyundai Motor saw its operating profit top 4 trillion quarterly. 

The automaker renewed an operating profit record for the third consecutive quarter. Its ordinary profit and net profit were tallied at 4,834.4 billion won and 3,346.8 billion won, respectively. 

Hyundai Motor posted 80,028.4 billion won in sales and 7,830.6 billion won in operating profit by selling 2,081,540 units during the first six months of this year. 

Meanwhile, Hyundai Motor predicted it will see upcoming business performance improve on the back of the expanded production coupled with the improving of the operation rate and a solid potential demand. 

On the other hand, the automaker cited unpredictable, hard management conditions, caused by global uncertainties, such as geopolitical effects, such as conflicts among nations, and fears over declining demand, caused by expanded inflation and interest rate hikes.

Hyundai Motor plans to focus on the full-scale global sales of IONIQ 6, expanding of EVs, such as the release of IONIQ 5 N and the new Kona Electric model, as well as the improving of a product mix, focusing on value-added cars, such as the global release of the 5th-generation, full-change Santa Fe. 

The automaker plans to ease share fluctuation through quarterly dividends and raise benefits for keeping shares for a long period of time. 


   
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