Hyundai: Due to an increase in sales of both its electric and higher-end automobiles, Hyundai Motor’s third-quarter net profit more than doubled compared to the same period last year.
Hyundai increased its net profit from 1.3 trillion won in the previous year to 3.2 trillion won for the July–September quarter.
Hyundai Motor’s Q3 net profit
With that amount, the Hyundai Motor Group flagship company surpassed Samsung Electronics Co., the long-standing winner, to become Korea’s largest earner for the third straight quarter. Hyundai’s net profit increased from 1.41 trillion won to 3.3 trillion won, a more than twofold increase. Sales as a whole increased 8.7% year over year to 41 trillion won from 37.7 trillion won. With sales of 40.2 trillion won and an operating profit of 3.6 trillion won, Hyundai’s most recent results exceeded market predictions. The operating profit margin for the third quarter was 9.3%, which was more than twice as high as the 4.1% margin for the same period last year.
The reason behind the profit
In addition to an improved product mix and increased sales of high-margin Genesis models and sport-utility vehicles, the business attributed the impressive quarterly performance to robust sales increases in the United States, Europe, and India.
The company reported that higher quarterly earnings were also aided by an increase in sales of environmentally friendly automobiles, including hybrid and battery-electric vehicles.
Eco-friendly car sales grew 33% year over year during the quarter, according to Hyundai Motor’s 2% year-over-year increase in global wholesale vehicle sales.
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