Hyundai Motor Announces 2017 3Q Business Results
- Hyundai Motor sold 3.27million vehicles worldwide in Jan-Sept. 2017
- Nine-month revenue KRW 71.88 trillion; Operating profit KRW 3.8trillion
- 2017 3Q revenue KRW 24.2 trillion; Operating profit KRW 1.2 trillion
- To enhance product line-up and increase SUV model supplies
- To strengthen R&D capabilities to become future mobility leader
October 26, 2017 - Hyundai Motor Company announced its business results for the third quarter of 2017 today in Seoul, reporting a 9.6 percent sales revenue increase from a year earlier to KRW 24.2 trillion.
Through the first nine months of 2017, sales revenue increased 4 percent from a year earlier to KRW 71.88 trillion from KRW 69.11 trillion. Sales volume in the nine-month period totalled 3.27 million units, declining 6 percent year on year as robust new model demands in Korea and other emerging markets helped limit impact from weak sales in China.
Excluding China, the company’s global sales volume in the January-September period rose 3.2 percent from a year earlier to 2.76 million units.
Operating profit totalled KRW 3.8 trillion, 8.9 percent lower than KRW 4.17 trillion posted in the first nine months of 2016 while net profit slid 29.9 percent to KRW 3.26 trillion compared to KRW 4.65 trillion.
For the July-September quarter, operating profit climbed 12.7 percent to KRW 1.2 trillion from KRW 1.07 trillion a year earlier when productions in Korea had suffered from labor strikes. Net income decreased 16.1 percent to KRW 939.2 billion compared to KRW 1.12 trillion. Sales volume dropped slightly to 1.07 million units from 1.08 million a year before.
Despite the difficult business environment, the company had managed to expand sales in Korea and other emerging markets helped by successful launches of new models including Grandeur sedan, Kona compact SUV and Genesis G70 sporty luxury sedan.
Intensifying competitions in major markets like the U.S., however, led to higher incentives and other operating expenses, weighing on the company’s overall profitability.
Hyundai Motor will continuously expand model line-up in new segments and increase SUV model supplies to best address customers’ demand. The company will also continue to expand investments into R&D to enhance fundamental competitivenessin global markets and to become a true leader in future mobility.
2017 3Q Business Results Table
Cautionary Statement with Respect to Forward-Looking Statements
In this release, our use of the word “expect,” “anticipate,” “project,” “estimate,” “forecast,” “objective,” “plan,” “goal,” “outlook,” “target,” “pursue” and similar expressions is intended to identify forward looking statements.
The financial data discussed herein are presented on a preliminary basis before the audit from Independent Auditor; final data will be included in HMC’s Independent Auditors report. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important factors. Such factors include, among others, the following : change in economic conditions, currency exchange rates or political stability; shortages of fuel, labor strikes or work stoppages; market acceptance of the corporation’s new products; significant changes in the competitive environment; changes in laws, regulations and tax rates; and the ability of the corporation to achieve reductions in cost and employment levels to realize production efficiencies and implement capital expenditures at levels and time planned by management.
We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made.
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About Hyundai Motor
Established in 1967, Hyundai Motor Company is committed to becoming a lifetime partner in automobiles and beyond. The company leads the Hyundai Motor Group, an innovative business structure capable of circulating resources from molten iron to finished cars. Hyundai Motor has eight manufacturing bases and seven design & technical centers worldwide and in 2016 sold 4.86 million vehicles globally. With more than 110,000 employees worldwide, Hyundai Motor continues to enhance its product line-up with localized models and strives to strengthen its leadership in clean technology, starting with the world’s first mass-produced hydrogen-powered vehicle, ix35 Fuel Cell and IONIQ, the world’s first model with three electrified powertrains in a single body type.
More information about Hyundai Motor and its products can be found at:
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Hyundai Motor Company / 12, Heolleung-ro, Seochogu,Seou, 137-938, Korea / T +82 2 3464 8501 /