Hyundai Motor Co. reported a 9.2% increase in first-quarter revenue to 44.4 trillion won ($33.3 billion), as strong sales of electric and hybrid vehicles partly offset a dramatic collapse in China.
The Korean automaker’s operating profit rose a modest 2.1% to 3.63 trillion won ($2.72 billion), while net income remained virtually flat at 3.38 trillion won. Operating margin contracted to 8.2% from 8.7% a year earlier.
Hyundai’s sales performance varied sharply by region. US retail sales jumped 10.8% and Korean domestic sales increased 4%, but China deliveries plummeted 43.7%. European sales also declined 3.1%.
The company’s electrification strategy showed traction, with EV sales surging 39% to 64,000 units and hybrid deliveries growing 40% to 137,000 vehicles. These eco-friendly models now represent over 21% of Hyundai’s global sales.
Marketing expenses increased 14.2% and research spending rose 14.8%, indicating heightened competitive pressures and continued investment in future technologies despite margin pressures.
