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Hyundai Bucks Trend with Record Q3 Profits Despite Global EV Demand Dip

Hyundai reports all-time high Q3 operating profit of KRW 3.8 trillion, affirming commitment to global EV market amidst current demand slump
South Korea
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Hyundai Motor Company has delivered impressive results for Q3 2023, with consolidated operating profit reaching KRW 3.82 trillion, a staggering 146.3% YoY increase. This marks the highest Q3 profit in the company’s history. Total sales, including automotive and finance, stood at KRW 41.03 trillion, reflecting an 8.7% rise compared to the same period last year.

The achievement can be attributed to several key factors. First, Hyundai sustained steady sales growth in major global markets like North America, Europe, and India. Additionally, the sales of high-value models, especially sports utility vehicles (SUVs), contributed significantly to this success. Moreover, the robust won-dollar exchange rate in the 1,300 won range further bolstered profits from export volume.

Despite a recent global decline in electric vehicle (EV) demand, Hyundai remains resolute in its commitment to the EV market. The company declared its unwavering stance on production and development, emphasizing its determination to expand its global market share in the face of industry challenges. This announcement underscores Hyundai’s confidence and forward-looking approach to navigate the evolving landscape of the automotive industry.

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