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Corporate Information Hyundai Motor Announces 2024 Annual and Q4 Business Results
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Corporate Information Hyundai Motor Announces 2024 Annual and Q4 Business Results
SEOUL, January 23, 2025 – 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.
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.
2024 | 2023 | ||||||
Q4 | YoY | YoY | Q4 | ||||
Vehicle Sales (Units) | 1,066,239 | △2.2% | 4,141,959 | △1.8% | 1,089,862 | 4,216,898 | |
Korea | 189,405 | △4.6% | 705, 010 | △7.5% | 198,558 | 762,077 | |
Rest of the world | 876,834 | △1.6% | 3,436,949 | △0.5% | 891,304 | 3,454,821 | |
Revenue | 46,623.7 | 11.9% | 175,231.2 | 7.7% | 41,669.2 | 162,663.6 | |
Operating Profit | 2,822.2 | △17.2% | 14,239.6 | △5.9% | 3,407.8 | 15,126.9 | |
Net profit | 2,474.2 | 12.3% | 13,229.9 | 7.8% | 2,202.6 | 12,272.3 | |
* Sales results are based on wholesale.
* Net Profit includes non-controlling interest / * Under K-IFRS
Notes:
A. The above results are tentative consolidated business results under “Korean International Financial Reporting Standards (K-IFRS)
B. The above results are preliminary and unaudited. Figures are subject to change after the official audit.
C. The above sales volumes are based on wholesales unless otherwise specified.
Seohyeon Kim
seohyeon.kim@hyundai.com
Global PR Strategy & Planning · Hyundai Motor Company
Disclaimer: Hyundai Motor Group believes the information contained herein to be accurate at the time of release. However, the company may upload new or updated information if required and assumes that it is not liable for the accuracy of any information interpreted and used by the reader.
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company is present in over 200 countries with more than 120,000 employees dedicated to tackling real-world mobility challenges around the globe. Based on the brand vision ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation into a Smart Mobility Solution Provider. The company invests in advanced technologies such as robotics and Advanced Air Mobility (AAM) to bring about revolutionary mobility solutions, while pursuing open innovation to introduce future mobility services. In pursuit of sustainable future for the world, Hyundai will continue its efforts to introduce zero emission vehicles equipped with industry-leading hydrogen fuel cell and EV technologies.
More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai
