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Hyundai Motor's Third-Quarter Net Profit More Than Doubled on Year

By Kwanwoo Jun


Hyundai Motor's third-quarter net profit more than doubled from a year earlier, as sales of its higher-end vehicles and electric cars increased.

Net profit for the quarter ended September was 3.303 trillion Korean won ($2.44 billion) compared with a KRW1.411 trillion net profit in the same quarter a year earlier, the South Korean automaker said Thursday.

That beat a FactSet-compiled consensus forecast for net profit of KRW2.907 trillion.

Revenue rose 8.7% on year to KRW41.003 trillion, while operating profit also more than doubled on year to KRW3.822 trillion.

The company attributed the strong quarterly results to solid sales increases in the U.S., Europe and India as well as a better product mix and more sales of high-margin Genesis models and sport-utility vehicles.

Increased sales of eco-friendly cars, including battery electric vehicles and hybrid electric vehicles, also helped boost quarterly earnings, it said.

Hyundai Motor said its wholesale vehicle sales globally rose 2% on year for the quarter, with sales of eco-friendly cars increasing 33% on year.

Some market analysts have cautioned that global demand for EVs may cool in the months ahead, noting that consumer sentiment has been dampened by slowing economic growth and high interest rates.

General Motors earlier this week abandoned its production target for EVs amid slowing consumer demand.


Write to Kwanwoo Jun at


(END) Dow Jones Newswires

October 26, 2023 02:20 ET (06:20 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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