India market contributes 13% of Hyundai Motor’s global sales in 2023

India with more than 550,740-unit retail sales, accounted for 13 percent of the company’s global sales in 2023.

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Hyundai Motor Company has announced its 2023 annual and fourth quarter business results. Last year, the company sold 4,216,898 vehicles worldwide, up 7 percent from 2022. The annual revenue increased 14.4 percent to KRW 162.7 trillion (Rs 10,12,031 crore). The annual operating profit climbed 54 percent to KRW 15.12 trillion (Rs 94,049 crore), with an operating profit margin of 9.3 percent. Hyundai Motor recorded an annual net profit of KRW 12.27 trillion (Rs 75,451 crore), up 54 percent year over year.

Interestingly, India with more than 550,740 unit retail sales, accounted for 13 percent of the company’s global sales in 2023.

In Q4 of 2023, Hyundai Motor sold 1,089,862 units around the globe. Sales in markets outside of Korea were up by 5.3 percent to 891,304 units, backed by strong demand in North America, Europe and India.

For the full year 2023, 695,382 electrified models were sold in the global market, up 37.2 percent YoY, including 268,785 EVs and 373,941 hybrids.

Outlook 2024

In 2024, the company is targeting consolidated revenue growth of between 4-5 percent, and an annual consolidated operating profit margin of 8-9 percent. The company aims for total vehicle sales of more than 4.24 million units this year, up 0.6 percent compared to 2023.

Hyundai Motor Company plans to expand its investment total to KRW 12.4 trillion (Rs (Rs 77,133 crore), including KRW 5.6 trillion (Rs 34,834 crore) in capital expenditure, KRW 4.9 trillion (Rs 30,479 crore) in R&D, and KRW 1.9 trillion (Rs 11,818 crore) in strategic investments.

The Korean auto major expects the business environment will remain difficult to predict, due to macro uncertainties centred on emerging markets and a downturn in the real economy. In addition, the company expects fluctuation in foreign exchange rates and increased sales-related costs due to intensified competition among companies around the globe.

Hyundai Motor plans to expand sales of electrified vehicles by increasing global awareness of its dedicated EV brand, IONIQ, and further strengthening its hybrid vehicle lineups. The company will also optimize its sales and profitability while expanding market share with its SUV lineups and Genesis luxury brand models.

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This article was first uploaded on January twenty-five, twenty twenty-four, at forty-five minutes past eleven in the morning.
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