South Korean Automaker Hyundai's Q3 Profit More Than Doubles; Electrified Model Sales Jump 33.3%

Hyundai Motor Company HYMTF reported third-quarter FY23 revenue growth of 8.7% year-on-year to KRW 41 trillion.

The company posted an operating profit of KRW 3.82 trillion, a 146.3% Y/Y jump with a profit margin of 9.3%. Net profit for the quarter increased 134% to KRW 3.3 trillion.

In Q3, Hyundai sold 1,045,510 units, clocking a 2% increase Y/Y, buoyed by improved production and higher demand.

Sales of electrified models jumped 33.3% to about 169,000 units.

Sales in markets outside of Korea were up by 1.9% to 878,541 units thanks to strong markets, including North America, Europe, and India, and sales in Korea increased by 2.8% to 166,969 units.

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Strong sales in SUV and Genesis luxury models, as well as the favorable exchange rate, helped lift revenue in the quarter.

The company expects sales momentum to continue due to improved production status, stronger demand for Hyundai, Genesis-branded models, and lower inventory levels.

Hyundai aims to achieve its annual guidance through increased sales and enhanced product mix with more SUVs and luxury models.

Price Action: HYMTF shares closed higher by 1.18% at $37 on Wednesday.

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