Hyundai Motor 2024 Q3 Business Results

• Q3 revenue rose 4.7% Y/y to KRW 42.93 trillion
• Q3 operating profit reached KRW 3.58 trillion, with an operating profit margin of 8.3%; Q3 net profit of KRW 3.21 trillion
• Q3 sales of 1,011,808 units; sales rose 9.3% and 1.8% in the North American and Korean markets respectively, despite decreasing global automotive demand
• Q3 dividend of KRW 2,000, in line with Hyundai Motor’s shareholder return policies
• Hyundai Motor to secure fundamental competitiveness, sustaining continuous growth momentum through targeted development and future innovation

Hyundai Motor Company has announced its business results for the third quarter of 2024. The company’s third-quarter revenue increased 4.7 percent year over year to KRW 42.93 trillion on an improved sales mix and favorable currency rates.

In the third quarter, operating profit and net profit (including non-controlling interest) decreased 6.5 percent and three percent year over year respectively to KRW 3.58 trillion and KRW 3.21 trillion, as the company reflected one-off preemptive warranty extension related provisions in the quarter. The company posted an operating profit margin of 8.3 percent.

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Excluding the provisions, operating profit reached KRW 3.9 trillion, with an operating profit margin of 9.1 percent in the third quarter.

Hyundai Motor sold 1,011,808 units worldwide in the third quarter of 2024, a 3.2 percent decrease year over year. Sales in Korea rose 1.8 percent to 169,901 units, backed by the expanded sales of SUV and hybrid models, such as the SANTA FE Hybrid. Sales in North America also rose 9.3 percent to 300,319 units, underpinned by the popularity of the new SANTA FE and the TUCSON SUV.

Hyundai Motor sold 201,849 units of its electrified models, including hybrids, plug-in hybrids, battery electric vehicles (EVs) and fuel cell electric vehicles, which were collectively up 19.5 percent compared with the same period last year. The increase was backed by the company’s strengthened hybrid lineup as well as strong sales of the TUCSON Hybrid in the North American market.

Future outlook

Hyundai Motor expects the uncertain business environment to continue, including a slowdown of growth in major markets, shift in favorable environments, such as exchange rates, and increased geopolitical risks. In response, Hyundai Motor aims to secure a fundamental competitive advantage, focusing on areas such as enhancing risk management capabilities, securing vehicle quality, optimizing costs, and improving sales efficiency.

To secure vehicle quality, Hyundai Motor will further advance its High-tech Integrated Vehicle Inspection System (HIVIS) and High-tech Integrated Powertrain Inspection System (HIPIS). The company will also implement measures to enhance the future quality competitiveness of hardware and software in accordance with software-defined vehicle (SDV) development.

The company will also further build its sales momentum by continuing to introduce new models as well as maintaining solid sales volume with its hybrid lineup. Hyundai Motor will also enhance its EV leadership in the US market through commencing operations at Hyundai Motor Group Metaplant America (HMGMA).

The company announced a quarterly dividend of KRW 2,000, 33.3 percent higher than the Q3 quarterly dividend paid in 2023. This is in line with the company’s announcements to expand shareholder return during the 2024 CEO Investor Day in August.

(Revenue / Operating Profit / Net Profit unit: Billion KRW)