Hyundai Motor Announces 2024 Annual and Q4 Business Results

• 2024 annual vehicle sales decreased 1.8% to 4.14 million units
  ⋯ Annual revenue was up 7.7% to KRW 175.2 trillion
  ⋯ Operating profit dropped 5.9% to KRW 14.24 trillion; operating profit margin hit 8.1%
  ⋯ Net profit climbed 7.8% to KRW 13.23 trillion
• Q4 2024 sales volume stood at 1.06 million units, down 2.2% Y/y
  ⋯ Revenue increased 11.9% Y/y to KRW 46.62 trillion
  ⋯ Operating profit decreased 17.2% to KRW 2.82 trillion Y/y
  ⋯ Operating profit margin reached 6.1%
  ⋯ Net profit increased 12.3% Y/y to KRW 2.47 trillion
• Company to pay the 2024 year-end dividend to KRW 6,000
  ⋯ Annual dividend increased 5.3% from a year earlier to KRW 12,000
• Hyundai Motor shared 2025 consolidated financial guidance
  ⋯ To target global sales of 4.17 million units; annual revenue growth of 3-4% from 2024; operating profit margin of 7-8%
  ⋯ 2025 total investment forecast at KRW 16.9 trillion

Hyundai Motor Company today announced its 2024 annual and fourth quarter business results. Last year, the company sold 4,141,959 vehicles worldwide, down 1.8 percent from 2023. Annual revenue increased 7.7 percent to KRW 175.2 trillion.

Annual operating profit dropped 5.9 percent to KRW 14.24 trillion, with an operating profit margin of 8.1 percent. Hyundai Motor recorded an annual net profit of KRW 13.23 trillion, up 7.8 percent year over year.

- Advertisement -

In the fourth quarter of 2024, Hyundai Motor sold 1,066,239 units around the globe, a 2.2 percent decrease from the year earlier. Sales in markets outside of Korea were down by 1.6 percent to 876,834 units. Sales in Korea decreased 4.6 percent to 189,405 units, due to a demand slowdown and supply chain disruptions caused by heavy snowfall in Korea.

Fourth-quarter revenue increased 11.9 percent year over year to KRW 46.62 trillion, with an operating profit margin of 6.1 percent. Hyundai Motor’s operating profit over this period dropped 17.2 percent from a year earlier to KRW 2.82 trillion, due to higher sales warranty provision resulting from a weaker KRW and increased incentives. The company recorded a net profit (including non-controlling interest) of KRW 2.47 trillion, up 12.3 percent year over year.

From October to December 2024, global electrified vehicle sales (including commercial vehicles) increased 21 percent year over year to 209,641 units, driven by sales growth in the North American region. EVs accounted for 53,035 units, while hybrids (HEVs) accounted for 145,732 units.

For the full year 2024, 757,191 electrified models were sold in the global market, up 8.9 percent year over year, including 218,500 EVs and 496,780 hybrids.

Hyundai Motor will pay a year-end dividend of KRW 6,000 per common share, making the company’s total payout at KRW 12,000 per common share for the whole 2024. This total includes an interim dividend of KRW 6,000, which is the combined amount from the first, second and third quarters, reflecting a 5.3 percent increase compared with 2023.

2025 Guidance and Outlook

Hyundai Motor shared financial guidance to enhance transparent communication with market participants. In 2025, the company is targeting consolidated revenue growth of between 3 to 4 percent, and an annual consolidated operating profit margin of 7 to 8 percent. The company aims for total vehicle sales of more than 4.17 million units this year.

The company plans to expand its investment for 2025 total to KRW 16.9 trillion, including KRW 8.6 trillion in capital expenditure, KRW 6.7 trillion in research and development, and KRW 1.6 trillion in strategic investments.

Hyundai Motor is steadfast in its commitment to prioritizing quality, securing its future competitiveness through bold innovation and the continuous creation of growth momentum. The company is strategically improving cost efficiency and optimizing sales processes, even amidst the rapidly changing mobility industry and fluctuations in foreign exchange rates. The company also is implementing a flexible operation strategy across its global business facilities in an effort to optimize production, sales and profitability.

Moreover, Hyundai Motor is proactively responding to customer-specific needs across various types and segments by optimizing product specifications and trims. The company is also poised to leverage the rapidly growing demand for hybrids in the global market.

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