Hyundai Announces Strong 2023 Q3 Results, Thanks To Demands For SUVs, Genesis Models

Hyundai Motors announces 2023 Q3 business results, thanks to demands for SUVs and Genesis luxury models. 

During the Q3, the company sold 1,045,510 units around the globe, a 2 percent increase from a year earlier.

Sales in Korea reach 166,969 units (+2.8%) while sales outside home markets were up by 1.9 percent to 878,541.

Q3 revenue increased 8.7 percent year-over-year to $30.2b, and operating profit jumped 146.3 percent to $2.8b.

Hyundai Motor expects the fifth-gen all-new Santa Fe midsize SUV to strengthen its solid sales momentum this year.

Plans to launch Hyundai Kona EV, Genesis’ GV60, Electrified G80 and Electrified GV70 in markets around the world.

South Korean car brand, Hyundai Motor Company (Hyundai Motors) has announced a strong business results for the third quarter of 2023, thanks to strong demand for its plug-in hybrid, electric vehicles, SUVs and Genesis luxury models around the world.

During the Q3, the company sold 1,045,510 units around the globe, a 2 percent increase from a year earlier. Sales in Korea increased by 2.8 percent to 166,969 units while sales outside home market were up by 1.9 percent to 878,541.

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Hyundai Motor’s third-quarter revenue increased 8.7 percent year-over-year to KRW 41 trillion ($30.2 billion), and operating profit jumped 146.3 percent to KRW 3.82 trillion ($2.8 billion).

The company’s operating profit margin for the period also hit 9.3 percent while its net profit (including non-controlling interest) was also up 134 percent to KRW 3.3 trillion ($2.4 billion).

Hyundai aims to strengthen its global leadership position in EVs with its World Car of the Year-winning IONIQ 6 and IONIQ 5 as well as the IONIQ 5 N, the brand’s first high-performance EV model.

The company expects the fifth-gen all-new Santa Fe midsize SUV to strengthen its solid sales momentum this year. There are also plans to launch Hyundai Kona EV, Genesis’ GV60, Electrified G80 and Electrified GV70 in markets around the world.

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