Hyundai Motor's Q3 operating profit rises 5.5% despite external challenges
Hyundai Motor posted modest growth in operating profit in the third quarter, as stronger sales of higher-value vehicles, particularly hybrids, and favorable exchange rates helped offset production disruptions and weaker global demand, the carmaker said Thursday. In a regulatory filing, the automaker reported operating profit growth of 5.5 percent between July and September to 2.68 trillion won…
Hyundai Motor experienced a slight increase in operating profit for the third quarter, with the automaker reporting a 5.5% growth to 2.68 trillion won ($2.05 billion) between July and September. Despite this growth, the company's sales declined by 3.4% to 45 trillion won during the same period. Hyundai Motor successfully navigated market concerns by maintaining earnings growth, as the company expected to continue its downward trend due to various risk factors, including domestic production disruptions caused by labor strikes and increased global automotive competition.
The improvement in the company's profit was attributed to several factors, such as favorable exchange rates, cost optimization measures, and a more favorable sales mix driven by a growing demand for hybrid vehicles. The average won-dollar exchange rate rose by 2.8% from the previous year to 1,423 won during the third quarter. Hybrid cars accounted for 18.2% of Hyundai Motor's sales in the quarter.
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