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April 24, 2019

Hyundai boosts Q1 sales and profit

Hyundai Motor Company reported a 6.9% and 21% increase in sales revenue and operating profit respectively for the first quarter of 2019, "in spite of continued slowdown in global economic growth".

By Olly Wehring

Hyundai Motor Company reported a 6.9% and 21% increase in sales revenue and operating profit respectively for the first quarter of 2019, "in spite of continued slowdown in global economic growth".

The revenue boost was due to a better product mix and strong SUV sales led by the Palisade and Santa Fe.

Q1 revenue was KRW23.99 trillion versus KRW22.44 trillion last year.

Global vehicle sales dipped to 1.02m units, versus 1.05m in Q1 2018. Excluding China, global sales volume rose 0.4% year on year to 887,489 units.

Korean domestic market sales rose 8.7% to 183,957 units in the quarter, boosted by strong SUV sales and the Genesis brand's flagship G90 sedan.

The company reported operating profit up 21% to KRW 824.9bn for the first quarter. Better factory utilisation in Korea and the US plus SUV demand in major markets contributed to the rise.

First quarter net profit rose to KRW953.8bn from KRW731.6bn a year earlier.

Hyundai Motor said it planned to tackle business uncertainties caused by the sluggish global economic growth, by strengthening its model line-up with new models in Korea and other major markets. It will launch the Venue entry level SUV and the first Genesis SUV in the second half of 2019.

"Early recovery of market share in the US and China will be another area of focus for the company for the remainder of this year while efforts to enhance sales in India and ASEAN markets will also continue," the automaker said in a statement.

"The company will further streamline production, sales and other capabilities in its regional headquarters in an aim to better customise products and services to each market's needs, while prioritising customer value and engaging in proactive communication with markets."

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