Hyundai Worldwide Global Navigation
Corporate Information Hyundai Motor Announces 2024 Q2 Business Results
Please use Safari to download the files.
Corporate Information Hyundai Motor Announces 2024 Q2 Business Results
SEOUL, July 25, 2024 – Hyundai Motor Company today reported its highest-ever quarterly revenue for second quarter of 2024. The 6.6 percent year-over-year increase to KRW 45.02 trillion was due to improved sales mix and favorable currency rates.
During the April–June period, the company’s operating profit increased 0.7 percent year-over-year to KRW 4.28 trillion, its highest quarterly performance, with an operating profit margin of 9.5 percent. Its net profit (including non-controlling interest) was up 24.7 percent to KRW 4.17 trillion.
Hyundai Motor sold 1,057,168 units worldwide in the second quarter of 2024, nearly unchanged from a year earlier. Global sales results excluding China were up by 2.2 percent, bolstered by solid sales in North America.
Sales in markets outside of Korea were up by 2 percent to 871,431 units, backed by new vehicles including the new Santa Fe, Santa Fe Hybrid, and refreshed Genesis GV80. Sales in Korea decreased 9.6 percent to 185,737 units, but the share of SUVs and hybrids, such as the new Santa Fe Hybrid, remains strong, contributing to a robust sales mix.
Hyundai Motor sold 192,242 units of its electrified models, including hybrids, plug-in hybrids, battery electric vehicles and fuel cell electric vehicles, which were collectively up 0.2 percent compared to the same period last year. The company’s strong hybrid sales of 122,421 units, up 26.4 percent, made up for EV sales of 58,950 units, down 24.7 percent compared to a year earlier.
Hyundai Motor expects hybrid demand to remain strong in the short term as the growth of the EV market slows down. In the long term, the company expects EV demand to lead the market for environmentally friendly vehicles.
The company also announced a quarterly dividend of KRW 2,000, 33.3 percent higher than quarterly dividend paid in 2023. In April 2023, the company made an announcement regarding its shareholder return policy. This policy included a payout ratio of 25 percent or higher of its consolidated net profit attributable to controlling interest, quarterly dividends, and the annual cancellation of 1 percent of its existing treasury stock for the next three years.
Hyundai Motor plans to secure its solid market share by diversifying its hybrid and electric vehicle lineup including INSTER, its new sub-compact EV, and IONIQ models. Despite macroeconomic uncertainties, intensifying competition, and rising incentives, the company will continue to improve regional and product mix, optimize production to secure robust profitability.
| 2024 Q2 | 2023 Q2 | Y/y Change | ||
| Vehicle sales (Units) | 1,057,168 | 1,059,694 | △0.2% | |
| Korea | 185,737 | 205,503 | △9.6% | |
| Rest of the world | 871,431 | 854,191 | 2.0% | |
| Revenue | 45,020.6 | 42,233.2 | 6.6% | |
| Operating profit | 4,279.1 | 4,248.3 | 0.7% | |
| Net profit | 4,173.9 | 3,346.8 | 24.7% | |
* 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
