In the third quarter of 2024, Hyundai Motor achieved a record revenue of KRW 42.93 trillion, a year-on-year increase of 4.7%, but operating profit fell 6.5% year-on-year to KRW 3.6 trillion. Global wholesale sales were 1.012 million units, down 3.2% year-on-year.
The North American market performed strongly, with sales of the new Santa Fe and Tucson models driving a 9.3% increase, while the European market was weak.
The popularity of high-value-added models and hybrid vehicles, favorable exchange rate fluctuations, and the expansion of the SUV market contributed to revenue growth.
However, rising costs and increased sales and administrative expenses constrained profit growth. Hyundai Motor has adjusted its strategy for electric and hybrid vehicles, expanding its hybrid lineup while lowering electric vehicle sales targets and delaying the development of some models. Hyundai Motor's management remains cautious about the uncertainty in the global automotive market.
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