Hyundai Plans To Invest 10.5T Won In 2023; Posts 21% Revenue Growth In 2022

Hyundai Motor Company HYMTF said it is planning to expand its investment to 10.5 trillion won during 2023.
The investment will include 5.6 trillion won in capital expenditure, 4.2 trillion won in research and development, and 700 billion won in strategic investments.
The automaker aims to achieve 10.5% - 11.5% of consolidated revenue growth and 6.5% - 7.5% annual consolidated operating profit margin for 2023.
The company aims for total vehicle sales of over 4.32 million units in 2023.
The company will also launch the all-new KONA EV and IONIQ 5 N this year to solidify its EV leadership.
Hyundai Motor anticipates several uncertainties around the world, such as ongoing component shortages, inflation and fluctuation of interest rates.
The company registered a 21.2% Y/Y increase in revenue in FY22 to 142.5 trillion won. The operating profit jumped 47% Y/Y to 9.82 trillion won.
The company's Q4 revenue increased 24.2% Y/Y to 38.52 trillion won. Q4 net profit reached 1.71 trillion won versus 701.4 billion won a year ago.
Also Read: Tesla, BYD, Hyundai Near EV Deals In Indonesia As Government Doles Out Subsidies
Price Action: HYMTF shares closed lower by 4.25% at $32.20 on Wednesday.
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