Hyundai Motor Company announced results for 2018, recording a 1.8% increase in vehicle sales, led by its enhanced SUV range, though operating and net profits slumped.

Total sales in markets, other than South Korea , increased to 4,589,199 units led by growth in major regions including Europe, Russia and Brazil. The company sold 721,078 units in Korea, a 4.7% increase.

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Annual sales revenue rose 0.9% year on year to KRW97.3 trillion (US$86.134bn). Unfavourable exchange rates – such as a stronger Korean won against the US dollar and weakening emerging market currencies – undermined the positive effects of the company's improved product mix.

Operating income decreased 47.1% to KRW2.4 trillion. Net profit slid 63.8% to KRW1.6 trillion due to unfavourable foreign exchange rates, sluggish results from affiliated companies and weak global automotive demand.

In the fourth quarter, Hyundai sold 1,226,443 units, generated KRW25.7 trillion in total revenue and booked KRW501bn in operating profit.

Hyundai plans to complete its overseas business reorganisation to grant greater autonomy to each region in an effort to spur sustainable growth and enhance innovation. The regional headquarters, in close collaboration with corporate headquarters, will play a hub role to lead continuous innovation within each market and advance Hyundai's global business operations to the next level.

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New models, including the Palisade SUV, are set to hit the market and are expected to help lead the company's overall performance.

Hyundai has targeted 2019 annual sales of 4.68m units, including 712,000 in the domestic market and 3.97m units in the rest of the world.