Hyundai Motor’s net profits jump 134% during Q3 thanks to ‎strong sales

Hyundai Motor, the largest automaker in South Korea, said on Thursday that its net profits for the third quarter rose by more than 130% year-on-year thanks to the strong growth in its global sales.

According to the Korean Yonhap Agency, the company said in a regulatory statement that the consolidated net profits reached 3.3 trillion won ($2.4 billion) during the period from July to September, an increase of 134% over the same period of the previous year.

Sales grew by 8.7% year-on-year to 41 trillion won, while operating profits rose by 146.3% to 3.82 trillion won.

Profits exceeded market expectations. Analysts’ average estimate for net profit was 2.87 trillion won, according to a survey conducted by Yonhap Infomax.

Hyundai said it sold 1.04 million vehicles in the global market in the third quarter, which represents a 2% increase compared to the same period of the previous year.

In particular, the company announced a 33.3% increase in global sales of environmentally friendly vehicles thanks to its enhanced hybrid electric vehicles, including new models of its IONIQ brand.

However, the company also pointed to potential challenges, including current tensions in the Middle East, ongoing inflationary pressures, and a potential decline in demand in emerging economies due to higher interest rates.

Hyundai added that it plans to focus on enhancing global awareness of the IONIQ brand and increasing sales of its environmentally friendly cars by promoting hybrid models.

It also plans to focus on improving cars that blend premium segments by introducing the updated Genesis GV8 and the GV80 coupe.