Hyundai Sees Modest Profit Increase, Fueled by Eco-Friendly Sales
(MENAFN) Hyundai Motor, South Korea's largest automaker, reported a slight increase in its first-quarter profit, fueled by strong demand for eco-friendly vehicles and advantageous currency fluctuations, the company revealed on Thursday.
For the January-March period, revenue grew 9.2% year-on-year, reaching 44.41 trillion won ($30.9 billion), marking the highest first-quarter revenue in the company’s history.
Operating profit rose by 2.1%, totaling 3.63 trillion won ($2.5 billion), while net income saw a modest 0.2% uptick, reaching 3.38 trillion won ($2.4 billion).
The results surpassed market expectations, which were around 3.46 trillion won ($2.4 billion), with an operating margin of 8.2%.
The company attributed the growth in profits to the increased sales of hybrid models and favorable exchange rates.
Hyundai’s global sales for the quarter totaled 1,001,120 vehicles, a slight decline of 0.6% compared to the same period last year. However, sales of electrified models—including hybrids, plug-in hybrids, battery electric vehicles, and fuel cell electric vehicles—rose by 38.4%, reaching 212,426 units.
Sales within South Korea grew by 4.0%, totaling 166,360 units, while international sales fell by 1.4%, amounting to 834,760 units.
The won-dollar exchange rate has remained above 1,400 won per U.S. dollar since December 2024.
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