Hyundai Q4 net more than doubles on improved chip supplies, SUV demand


SEOUL: Hyundai Motor mentioned on Thursday that its fourth-quarter internet revenue greater than doubled from a yr earlier on improved chip provides, sturdy demand for its high-end SUVs and a weak received.

Web revenue for the three months ended Dec. 31 jumped to 1.709 trillion received (US$1.38 billion) from 701.37 billion received throughout the identical interval final yr, the South Korean carmaker mentioned in a press release.

“An improved product mix, low incentives, the won’s weakness (against the dollar) buoyed the quarterly bottomline despite high inflation and global economic slowdown,” Web optimization Gang-hyun, government vice chairman accountable for Hyundai’s finance and accounting division, mentioned within the firm’s earnings convention name.

Improved chip provides led to elevated manufacturing and gross sales, whereas elevated gross sales of high-margin SUVs and a weak received enhanced profitability, he mentioned, stories Yonhap information company.

Trying forward, nevertheless, he expressed issues that geopolitical dangers such because the Russia-Ukraine struggle and doable US charge hikes could proceed to weigh on shopper demand this yr.

Working revenue additionally greater than doubled to three.359 trillion received within the fourth quarter from 1.529 trillion received a yr in the past. Gross sales rose 24 % to 38.523 trillion received from 31.026 trillion received throughout the identical interval.

For the entire of 2022, internet earnings jumped 40 % to 7.983 trillion received from 5.693 trillion received the earlier yr.

Working revenue climbed 47 % to 9.819 trillion received from 6.679 trillion received through the talked about interval. Gross sales have been up 21 % to 142.528 trillion received from 117.611 trillion received.

In 2022, Hyundai offered 3.94 million autos in international markets and it goals to promote 4.32 million autos this yr.

Of the general gross sales goal, the corporate goals to promote a complete of 330,000 electrical autos globally in 2023, up 54 % from a yr earlier. It plans to roll out 17 EV fashions by 2030, together with six Genesis fashions.

Hyundai Motor mentioned it should begin building on the 300,000-unit-a-year EV and battery manufacturing plant within the US state of Georgia within the first half of this yr, and start manufacturing within the first half of 2025.

The maker of Sonata sedans and IONIQ EVs is focusing on income progress of 10.5-11.5 % this yr and working revenue margin of 6.5-7.5 %.

To assist obtain the targets, the corporate plans to launch the all-electric IONIQ 6, the all-new Kona subcompact SUV, and the full-change Santa Fe SUV in international markets this yr.

Hyundai plans to spend 10.5 trillion received this yr, with 5.6 trillion received for facility investments, 4.2 trillion received for R&D actions and the rest for different strategic functions.

Click Here To Join Our Telegram Channel

You probably have any issues or complaints relating to this text, please tell us and the article can be eliminated quickly. 

Raise A Concern