Sales and Operating Profit Up 9.2% and 2.1%, Respectively
Strong Hybrid Performance and Exchange Rate Effects
U.S. Sales Increase by 1.1% to 240,000 Units
Hyundai Motor announced on April 24 that it achieved record-high quarterly sales revenue of 44.4078 trillion won in the first quarter. Operating profit reached 3.6336 trillion won, marking a 2.1% increase compared to the same period last year.
Ordinary profit was 4.4646 trillion won, and net profit for the period was 3.3822 trillion won.
Hyundai Motor explained, "Despite a decrease in the number of vehicles sold, sales revenue increased by 9.2% year-on-year, driven by record-high hybrid sales and improved performance in the financial sector." The operating margin was 8.2%, supported by favorable exchange rates, despite increased incentives and expanded investments.
Wholesale sales reached 1,001,120 units. This represents a 0.6% decrease compared to the same period last year.
In the domestic market, 166,360 units were sold, a 4.0% increase year-on-year, due to the base effect from the Asan plant shutdown for new model production last year.
Overseas, sales in the United States rose by 1.1% year-on-year to 242,729 units. However, total overseas sales decreased by 1.4% year-on-year to 834,760 units due to worsening external conditions.
Sales of eco-friendly vehicles (including commercial vehicles) increased by 38.4% year-on-year to 212,426 units. Of these, electric vehicles (EVs) accounted for 64,091 units, and hybrids for 137,075 units.
The cost of goods sold ratio rose by 0.5 percentage points year-on-year to 79.8%. Selling and administrative expenses increased due to higher marketing and research costs, but the ratio of selling and administrative expenses to sales revenue remained unchanged from the previous year at 12.0%.
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