SEOUL, - Hyundai Motor Co. announced on Thursday that its third-quarter net income skyrocketed, propelled by robust growth in global sales.
According to a new release by the Yonhap News Agency, consolidated net profit reached 3.3 trillion won (US$2.4 billion) during the July-September period, marking a 134 percent increase from the same period a year earlier. The sales grew 8.7 percent on-year to 41 trillion won, while the operating profit soared 146.3 percent to 3.82 trillion won. The earnings exceeded the average estimate of net profit by analysts, which stood at 2.87 trillion won, according to a survey by Yonhap Infomax.
Hyundai reported it sold 1,045,510 vehicles globally in the third quarter, a 2 percent increase from the same period in the previous year. Notably, global sales of the company's eco-friendly vehicles increased by 33.3 percent, propelled by new models in its Ioniq brand. Despite the strong performance, the company also highlighted potential challenges such as current tensions in the Middle East, persistent inflationary pressures, and a possible reduction in demand in emerging economies due to high interest rates.
Hyundai plans to focus on enhancing the global recognition of its Ioniq brand and aims to further expand sales of its eco-friendly vehicles. The company will also focus on improving its premium models with the introduction of an updated Genesis GV80 model and a GV80 coupe model.