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Corporate Information Hyundai Motor Announces 2024 Q1 Business Results
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Corporate Information Hyundai Motor Announces 2024 Q1 Business Results
SEOUL, April 25, 2024 – Hyundai Motor Company today announced its business results for the first quarter of 2024. The company’s first-quarter revenue increased 7.6 percent year-over-year to KRW 40.66 trillion, its highest first-quarter revenue.
During the January–March period, the company’s operating profit decreased 2.3 percent year-over-year to KRW 3.56 trillion with operating profit margin of 8.7 percent. Its net profit (including non-controlling interest) was down 1.3 percent to KRW 3.38 trillion.
Hyundai Motor sold 1,006,767 units worldwide in the January–March period, a 1.5 percent decrease from a year earlier. Sales in markets outside Korea were up by 1.9 percent to 846,800 units, backed by solid sales in North America and India.
Sales in Korea decreased 16.3 percent 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 percent 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 percent 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 percent 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 percent 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.
| 2024 Q1 | 2023 Q1 | Y/y Change | ||
| Vehicle sales (Units) | 1,006,767 | 1,021,827 | △1.5% | |
| Korea | 159,967 | 191,047 | △16.3% | |
| Rest of the world | 846,800 | 830,780 | 1.9% | |
| Revenue | 40,658.5 | 37,770.0 | 7.6% | |
| Operating profit | 3,557.4 | 3,642.3 | △2.3% | |
| Net profit | 3,376.6 | 3,419.4 | △1.3% | |
* 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.
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
