FX.co ★ Hyundai Motor Q3 Net Profit Declines; Revenue Up 4.7%

Hyundai Motor Company (HYMLF.OB, HYMTF.OB) has disclosed a 3% decline in its net profit for the third quarter, bringing the total to 3.21 trillion Korean won compared to the same period the previous year. Operating profit also saw a decline, dropping 6.5% to reach 3.58 trillion Korean won. When excluding the provisions, the operating profit stands at 3.9 trillion won for the quarter.

Revenue for the third quarter grew by 4.7%, amounting to 42.93 trillion Korean won, buoyed by an improved sales mix and favorable currency exchange rates. Nonetheless, the company experienced a 3.2% decrease in total units sold globally, totaling 1,011,808 vehicles. Sales of its electrified models, however, surged 19.5% year-over-year, with 201,849 units sold.

Hyundai Motor anticipates that the challenging business landscape will persist, characterized by a slowdown in growth in key markets, less favorable conditions like exchange rate fluctuations, and heightened geopolitical risks.