Hyundai Motor Announces 2023 Q1 Business Results

Hyundai Motor Company today announced its business results for the first quarter of 2023. The first-quarter revenue increased 24.7 percent year-over-year to KRW 37.78 trillion, and operating profit rose 86.3 percent year-over-year to quarterly record KRW 3.59 trillion.

During the January-March period, Hyundai Motor recorded operating profit margin of 9.5 percent. Its net profit (including non-controlling interest) also was up 92.4 percent to KRW 3.42 trillion, paving the way for the company to meet its annual guidance for 2023.

Hyundai Motor sold 1,021,712 units around the globe in the January–March period, a 13.2 percent increase from a year earlier. Sales in markets outside of Korea were up by 10.7 percent to 830,665 units, and sales in Korea increased 25.6 percent to 191,047 units. The strong sales mainly stemmed from the improvement of production as chip and component supplies stabilized worldwide.

The overall sales increase, especially for SUV and Genesis luxury models, as well as favorable exchange rates, helped lift revenue in the first quarter despite the adverse economic environment. Hyundai Motor also sold nearly 66,000 units of electric vehicle (EV) models in the period, an increase of 48 percent from a year earlier.

Hyundai Motor aims to secure robust profitability and achieve its annual guidance through increased sales, enhanced product mix with more SUVs and luxury models, and production rate recovery, despite persistent external factors, such as expanding inflation and fluctuation of raw material costs and interest rates due to geopolitical issues.

The company will continue to strengthen its global leadership position in eco-friendly EVs by growing sales of its World Car of the Year-winning IONIQ 6 and IONIQ 5 and launching more models, including Hyundai Kona EV, Genesis’ GV60, Electrified G80, and Electrified GV70 in markets around the world.

This year, Hyundai Motor will also launch IONIQ 5 N, its first high-performance EV model, to further solidify its global EV leadership.