SOUTH KOREA: Hyundai Motor boosts 2011 sales and profits
By Graeme Roberts | 30 January 2012
Hyundai Motor Company, South Korea’s largest automaker, posted global sales of 4,059,438 units (from domestic plants: 1,884,633, overseas plants: 2,174,805) in 2011, up 12.4% year on year.
Sales revenue rose 16.1% to KRW77.8 trillion because, the company said in a statement, it "sold more fuel-efficient and aesthetically appealing new models with reliable quality".
Operating profit rose 36.4% to KRW8.08 trillion while net profit increased 35.1% to KRW8.1 trillion backed, Hyundai said, by "robust performance" at overseas plants and subsidiaries".
"Hyundai Motor’s gains in 2011 are a result of the company’s continuous improvements in quality, which contributed to the increase in sales and the brand’s value," the automaker added, noting the Hyundai brand achieved the top spot in JD Power and Associates’ 2012 customer retention study in the US, improving its retention rate to 64%, up 4% from 2010.
"As industry experts forecast slower growth in auto demand and uncertainties surrounding the European economy, Hyundai plans to respond flexibly to the market and create new opportunities by strengthening its core capabilities and eco-friendly technologies to achieve qualitative growth, rather than pursue excessive external growth," the automaker said in its results statement.
Sectors: Financial, Vehicle manufacturers
Companies: Hyundai
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