UPDATED. 2021-12-07 14:31 (화)
Hyundai Motor returns to profitability in Q3
Hyundai Motor returns to profitability in Q3
  • Yang Tae Hoon
  • 승인 2021.10.27 09:44
  • 댓글 0
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Despite chip shortage causing production problems
Image: Hyundai Motor
Image: Hyundai Motor

Hyundai Motor on Tuesday said it posted 28.86 trillion won in sales and 1.6 trillion won in operating income during the third quarter.

Sales increased 4.7% from a year ago while the automobile giant returned to profitability from its loss a year ago.

Hyundai recorded 1.48 trillion won in net income during the quarter.

The company said it was a difficult quarter due to increasing raw material prices, unfavorable exchange rate and the prolonged chip shortage that was causing production problems.

But Hyundai Motor saw expanded sales of its Genesis SUV and it was reducing incentives to improve profitability, the company said, which helped the company maintain profitability.

The company also said it expected annual earnings for this year to exceed that of 2020.

Annual sales in 2021 is expected to increase up to 18% compared to 2020, the company said.

Hyundai Motor will continue to focus on expanding sales of SUV and Genesis while increasing average sales prices of its E-GMP-based electric vehicles such as Ioniq 5 and SV6.

The company also said it initially had shared its goal of selling 560,000 units of electric vehicles in 2025 but now considers this a conservative figure and plans to share with the market its new aim.


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