Hyundai with a profit jump of over 40 percent last year
South Korean automaker Hyundai’s profits jumped last year thanks in part to its SUVs and luxury sedans. The bottom line was a surplus of 7.98 trillion won (5.94 billion francs) in 2022, as the group announced on Thursday.
Hyundai made significantly more profit in 2022 than in the previous year. The picture shows the production facility in Nosovice, Czech Republic. (archive image)
This corresponded to an increase of more than 40 percent year-on-year. In the final quarter, the surplus reportedly more than doubled to 1.71 trillion won. Together with its smaller sister Kia, Hyundai Motor is one of the world’s ten largest car manufacturers.
In terms of sales, Hyundai recorded an increase of more than 21 percent to 142.5 trillion won (106.1 billion Swiss francs) for the full year. In the fourth quarter, revenue increased 24.2 percent to 38.52 trillion won. The company said the gains for 2022 are thanks to rising sales of SUVs and models from the luxury brand Genesis, as well as a favorable currency environment. Last year, global car sales increased by 1.3 percent to around 3.94 million compared to 2021.
Together with Kia, Hyundai wants to surpass the threshold of seven million cars sold this year after missing this target in 2021. Hyundai also wants to introduce other electric models in addition to new SUVs. The automaker said it would expand investments to 10.5 trillion won ($7.8 billion) this year. Of this, 4.2 trillion won are planned for research and development.