Hyundai Motor Q1 Operating Profit 1.6 Trillion Won "Genesis and SUV Sales Soar" (Update)

[Asia Economy Reporter Changhwan Lee] Hyundai Motor Company recorded strong performance in the first quarter as sales of high value-added vehicles such as Genesis and sport utility vehicles (SUVs) increased.

On the 22nd, Hyundai Motor announced that it posted sales of 27.3909 trillion KRW and an operating profit of 1.6566 trillion KRW in the first quarter. Compared to the same period last year, sales increased by 8.2% and operating profit rose by 91.8%.

In the global market, Hyundai sold 1,000,281 units on a wholesale basis in the first quarter. This represents a 10.7% increase compared to the same period last year.

In the domestic market, sales reached 185,413 units, up 16.6% year-on-year, driven by the recovery of industrial demand and strong sales of new models such as Tucson and GV70.

In overseas markets, despite weak sales in some regions such as Europe due to the impact of COVID-19, sales recovered in emerging markets including India and Latin America, resulting in a 9.5% increase year-on-year to 814,868 units sold.

A Hyundai Motor official stated, “First quarter sales increased compared to the same period last year due to the base effect of COVID-19 last year and the recovery of sales in major countries. Operating profit continued to recover thanks to increased sales volume and improved sales mix despite unfavorable exchange rate impacts.”

The official explained, “The proportion of sales of high value-added products such as Genesis and SUVs expanded compared to the same period in 2021, leading to improved profitability.”

This content was produced with the assistance of AI translation services.