During the January–March period, the company’s operating profit decreased 2.3% year-over-year to KRW 3.56 trillion with an operating profit margin of 8.7%. Its net profit (including non-controlling interest) was down 1.3% to KRW 3.38 trillion.
Hyundai Motor sold 1,006,767 units worldwide in the January–March period, a 1.5% decrease from a year earlier. Sales in markets outside Korea were up by 1.9% to 846,800 units, backed by solid sales in North America and India.
Sales in Korea decreased 16.3% to 159,967 units due to the temporary suspension of production at Hyundai Motor’s Asan Plant in Korea, which is revamping its facilities for electric vehicle (EV) production.
Hyundai Motor had strong hybrid sales in the first quarter, nearly 98,000 units, up 16.6% from a year earlier. The company sold 153,519 units of its electrified models, including hybrids, plug-in hybrids, battery electric vehicles and fuel cell electric vehicles, down 4.8% compared to the same period last year.
The company will continue to strengthen its global electrification leadership by selling hybrids and introducing new IONIQ EV models.
The company announced its quarterly dividend of KRW 2,000 for the first quarter, as per the announcement of the dividend payout ratio, which is 25% or higher of its consolidated net profit attributable to controlling interest.
Hyundai Motor plans to secure its market share and robust profitability, higher than 8% of operating profit margin, through increased sales, optimized production and an enhanced product mix with more SUVs and luxury models. It aims to do so despite persistent external factors, such as expanding inflation, fluctuating interest rates and geopolitical issues.
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