Net profit increased by 104.5 percent to 29.615 trillion won from a year earlier helped by brisk sales in China and India which on a unit sales basis posted y-o-y gains of 93.6 percent and 14.4 percent, respectively
Aided by favorable exchange rates and the company’s widely implemented cost-cutting efforts, operating profit also rose by 19.1 percent to 22.350 trillion won despite higher marketing, dealer and brand development expenses which are necessary to secure future competitiveness.
Domestic sales recovered by 23.0 percent y-o-y thanks to the successful launch of new models, Equus, Tucson ix and Sonata and tax benefits extended between May and December to new car buyers trading in vehicles 10 years or older. However, export sales from the three Korean plants fell 17.1 percent to 910,522 units due to reduced demand in Russia while production of the i30 compact hatchback picked up pace at the newly opened manufacturing plant in Czech.
By region, Hyundai saw a rise in market share in developed countries such as the United States and the EU despite strong headwinds in those regions last year. In China, Hyundai registered an impressive 94 percent growth in sales by selling 570,300 units and become the 4th largest company in the country.