Hyundai Motor Announces 2023 Q3 Business Results

• Q3 revenue increased 8.7% Y/y to KRW 41 trillion
• Company posts Q3 operating profit of KRW 3.82 trillion, up by 146.3% Y/y; operating profit margin hit 9.3%
• Q3 net profit was KRW 3.3 trillion, increased 134% Y/y
• The company sold 1,045,510 units during Q3, up 2.0% Y/y, buoyed by the improvement of production and higher demand for Hyundai brand models
• Sales of electrified models jumped 33.3% Y/y to nearly 169,000 units
• Hyundai Motor to enhance profitability through various measures to cope with global uncertainties, including geopolitical issues, fluctuations in interest rates

Hyundai Motor Company today announced its business results for the third quarter of 2023, reflecting continued strong demand for its electrified models, including hybrid, plug-in hybrid, and electric vehicles, sport utility vehicles (SUV) and luxury models around the world.

Hyundai Motor’s third-quarter revenue increased 8.7 percent year-over-year to KRW 41 trillion, and operating profit rose to KRW 3.82 trillion, jumped 146.3 percent from a year earlier when the company booked one-off quality-related warranty provisions. The company’s operating profit margin for the period hit 9.3 percent. Its net profit (including non-controlling interest) also was up 134 percent to KRW 3.3 trillion.

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Hyundai Motor sold 1,045,510 units around the globe in the third quarter, a 2 percent increase from a year earlier. Sales in markets outside of Korea were up by 1.9 percent to 878,541 units thanks to strong markets, including North America, Europe, and India, and sales in Korea increased by 2.8 percent to 166,969 units.

The overall sales increase, especially for SUV and Genesis luxury models, as well as the favorable exchange rate, helped lift revenue in the third quarter. Hyundai Motor also sold nearly 169,000 units of electrified models in the period, an increase of more than 33 percent from a year earlier.

The company expects the sales momentum to be enhanced thanks to improved production status, stronger demand for Hyundai, Genesis-branded models and lower inventory levels, lifting profitability despite the global business uncertainties, such as geopolitical issues, interest rate fluctuations and rising inflation.

Hyundai Motor to secure solid profitability as well as EV leadership

Hyundai Motor aims to secure robust profitability and achieve its annual guidance through increased sales, enhanced product mix with more SUVs and luxury models.

The company will continue to strengthen its global leadership position in EVs by growing sales of its World Car of the Year-winning IONIQ 6 and IONIQ 5 and launching more models, including Hyundai Kona EV, Genesis’ GV60, Electrified G80 and Electrified GV70 in markets around the world.

The company has also launched IONIQ 5 N, its first high-performance EV model, to further solidify its global EV leadership. In addition, IONIQ 6 will be introduced to more markets around the globe.

Hyundai Motor expects the fifth-generation, all-new Santa Fe midsize SUV, which made its world premiere this August, to strengthen its solid sales momentum this year.

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