Hyundai Motor: net profit more than doubled in Q4

Hyundai Motor: net profit more than doubled in Q4

Hyundai Motor Co. (Photo courtesy of Yonhap News TV. Resale and archiving prohibited)

SEOUL, 26 Jan. (Yonhap) — The country’s largest automaker, Hyundai Motor Co., said its net profit more than doubled in the fourth quarter of 2022 from the same period a year earlier due to improved chip supply and sales. the strength of its SUV range.

Net profit for October-December rose to 1.709 billion won ($1.38 billion) from 701.37 billion won in the same period of 2021, the company said in a statement. “Improved product mix and lower incentives also contributed to good quarterly results,” a company official said.

Operating profit also more than doubled to 3.359 billion won in the fourth quarter from 1.529 billion won a year earlier. Sales jumped 24 percent to 38.523 billion won from 31.026 billion won a year earlier, according to the automaker.

For the full year 2022, net profit increased by 40 percent to 7.983 trillion won from 5.693 trillion won a year earlier. Operating profit rose by 47 percent from 6.679 billion won to a record 9.819 billion won in the said period. Sales rose by 21 percent to 142.528 billion from 117.611 billion won the previous year. Last year, Hyundai sold 3.94 million vehicles in overseas markets.

This year, the company aims to sell 4.32 million units to achieve revenue growth of 10.5-11.5%. It also plans to spend 10.5 trillion won on research and development, capital equipment investment and other investments.