SEOUL — Hyundai Motor Co. reported a slight decrease in net profit for the first quarter of 2024, with earnings falling 1.3 percent year-over-year to 3.37 trillion won (US$2.5 billion). The marginal drop was attributed to a temporary halt in production at its Asan plant in South Korea, impacting overall vehicle sales. Despite this, the company's sales revenue grew 7.6 percent to a record 40.65 trillion won, exceeding market expectations.
According to Yonhap News Agency, Hyundai's global vehicle sales totaled 1,006,767 units in the first quarter, down 1.5 percent from the previous year, influenced by the plant shutdown for new car launch preparations. However, overseas sales increased by 1.9 percent, driven by strong demand in North America, Europe, and India. The company also noted a 4.8 percent decline in sales of eco-friendly vehicles amid a global slowdown in electric vehicle demand. Hyundai remains focused on enhancing its lineup of eco-friendly models, including expanding its Ioniq EV series and introducing hybrid options, to bolster its market presence in sustainable vehicle segments.