South Korean automaker Hyundai Motor Co. has exceeded analysts’ expectations with its third-quarter earnings, primarily attributed to the robust sales of luxury models and electric vehicles. Consolidated operating profit for the three-month period ending in September increased by a staggering 146% compared to the previous year. The company reported a profit of 3.8 trillion Korean won ($2.8 billion), surpassing analysts’ mean estimate of 3.6 trillion won. Additionally, sales rose by 8.7%, reaching 41 trillion won.
Hyundai experienced substantial growth in its electrified vehicle segment, selling nearly 169,000 EV models during the quarter. This reflects an increase of over 33% compared to the same period last year. The company’s total global vehicle sales surpassed 1.04 million units, with a 2% rise outside of Korea. It achieved significant sales momentum in regions such as North America, Europe, and India. However, the company encountered a decline of 33% in China.
Despite global uncertainties stemming from geopolitical tensions, interest rate fluctuations, and rising inflation, Hyundai remains optimistic about future sales prospects. The company anticipates that improved production status, increased demand for Hyundai and Genesis-branded models, and lower inventory levels will enhance sales momentum in the coming months.
Luxury models, including the popular Genesis line and sport-utility vehicles, comprised nearly 60% of Hyundai’s quarterly sales. Battery-powered electric vehicles accounted for 6.3% of the total sales volume.
Looking forward, Hyundai plans to introduce more electric vehicle models across global markets. Some upcoming models include the Kona EV, Genesis GV60, Electrified G80 and GV70, as well as the Ioniq 6. Furthermore, the company expects the fifth-generation Santa Fe SUV to drive sales growth throughout the year.
To reward its shareholders, Hyundai also announced a cash payout of 1,500 won per share.
