Hyundai Motor Co. has outperformed analysts’ expectations for the third quarter as it recorded revenue of $30 billion thanks to robust sales of luxury vehicles and electric cars.
For the three months ending in September, the consolidated operating profit surged by an astounding 146% compared to the previous year, reaching 3.8 trillion won (approximately $2.8 billion).
This remarkable figure comfortably surpassed the mean estimate of 3.6 trillion won, as predicted by 24 analysts.
Furthermore, the company witnessed an 8.7% growth in sales, with a total of 41 trillion won($30.1 billion).
Hyundai disclosed that it managed to sell nearly 169,000 electrified models during this period, representing a year-on-year increase of over 33%.
The global vehicle sales for Hyundai reached a milestone of 1.04 million, with a 2% increase in international sales, primarily attributed to robust demand in North America, Europe, and India.
However, sales experienced a 33% decline in the Chinese market.
All of this is despite global uncertainties related to factors such as geopolitical tensions, fluctuations in interest rates, and the rise in inflation, Hyundai remains optimistic about its sales momentum.
The company stated,
- “Sales momentum should be enhanced thanks to improved production status, stronger demand for Hyundai and Genesis-branded models, and lower inventory levels.”
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Based on the Q3 report, luxury models, including the popular Genesis and sport-utility vehicles, contributed significantly to the company’s quarterly total, accounting for nearly 60% of sales, while battery-powered vehicles constituted 6.3% of the sales mix.
Furthermore, Hyundai is committed to bolstering its electric vehicle portfolio and plans to introduce more EV models globally.
These upcoming models include the Kona EV, Genesis GV60, Electrified G80, GV70, and the Ioniq 6.
Additionally, the fifth-generation Santa Fe SUV is anticipated to contribute significantly to the company’s sales momentum in the current year.
Hyundai also announced a cash payout of 1,500 won($1.1) per share to its shareholders. The report also noted that the Korean won had depreciated by approximately 2.4% against the U.S. dollar during the quarter.
