Automotive giant Hyundai managed to increase its profitability despite fluctuations in interest rates in all markets and global inflation. Hyundai Motor Company showed a superior performance in the second quarter of 2023 with its electric (EV), SUV and luxury models.
Hyundai's second-quarter revenue increased 17,4% year-on-year. Operating profit rose 42,2% to a record KRW 4,24 trillion (USD 3.3 billion). Hyundai's period operating profit margin reached 10 percent, reaching its highest level since the second quarter of 2013. Net profit was also up 8,5 percent to KRW 3,35 trillion (USD 2.6 billion). Hyundai continued to rise in sales as well as revenues. It sold 8,5 units worldwide, up 1.059.713 percent from the previous year. Sales in markets outside Korea rose 7,6 percent to 854.210 units, while sales in Korea rose 12,7% to 205.503 units. Increasing its graphics especially with SUV and Genesis models, Hyundai sold approximately 47 EV vehicles with an increase of 78.000 percent compared to the previous year.
Hyundai will secure solid profitability alongside EV leadership
Despite rising inflation and raw material costs, as well as fluctuations in interest rates, Hyundai wants to secure profitability and meet its annual targets with more SUVs and luxury models. Hyundai has set its sights on leadership, especially in the EV segments, by increasing the sales of the "World Car of the Year - WCOTY" award-winning IONIQ 5 and IONIQ 6. It will also continue to strengthen its position by launching more models, including the Hyundai Kona Elektrik, which will also be available in Turkey in the last quarter of the year. The Genesis GV60, GV70, G80 EV and GV70 EV will also aid the brand's growing sales chart in markets around the world. Hyundai also recently introduced its first high-performance EV model, the IONIQ 5 N, to further consolidate its global EV leadership.
The fifth generation SANTA FE, whose world premiere will be held next month, will also have a doping effect on SUV sales.