Hyundai sells fewer cars in the first quarter By dpa-AFX

SEOUL (dpa-AFX) – South Korean automaker Hyundai (KS:) sold fewer cars in the first quarter of 2024. Although the manufacturer once again sold more than one million vehicles worldwide, sales were down 1.5 percent. than last year, as the South Korean industry leader announced Thursday. Sales in South Korea fell 16.3 percent to about 160,000 vehicles due to a temporary shutdown at the Asan plant, it said. In Asan, Hyundai is converting its electric vehicle manufacturing facilities.

As always, Hyundai announced that it will continue to focus on an improved product mix “with more SUVs and luxury models” in the future. This should be achieved despite external uncertainties including rising inflation, falling interest rates and geopolitical tensions.

Despite the increase in sales, Hyundai reported a slight decrease in profit. The surplus fell by 1.3 percent year-on-year to 3.4 trillion won (about 2.3 billion euros). However, the figures were above market expectations.

According to the news, sales rose by 7.6 percent to 40.7 trillion won (27.6 billion euros). It was said that this was the highest sales for the company in the first quarter. Hyundai Motor Together with its younger sister Kia, it belongs to the group of ten largest car manufacturers in the world. The company has recently benefited mainly from strong sales of its SUVs and models from its luxury Genesis brand.

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