Hyundai Motors’ Net Profits Double to $2.4 Billion, EV Plans Stay on Track

Hyundai Motor, the Korean powerhouse housing Hyundai, Kia, and Genesis brands, has reasons to celebrate. The recent third-quarter financial results show a resounding performance, with an impressive 146% jump in their operating profit from the same period last year, touching a record $2.8 billion. As if that wasn’t enough, their net profits saw a meteoric rise, doubling to $2.4 billion.

The company stated that they sold almost 169,000 EVs this quarter alone

So, what’s fueling this surge? While various factors come into play, electric vehicles (EVs) have been spotlighted by Hyundai as a significant driver. The company proudly reported the sale of nearly 169,000 electrified vehicles in this quarter, marking a 33% hike from the previous year. This includes both hybrid and all-electric vehicles, underscoring Hyundai’s commitment to a greener future.

This success isn’t just a flash in the pan. Hyundai is ambitious and has set its eyes on the horizon with plans to roll out as many as 31 EVs by the end of this decade. And they’re not just daydreaming. The company is backing its vision with a whopping $18.2 billion investment until 2030, aiming to introduce groundbreaking models like the Hyundai Ioniq 7 and Kia EV9.

In stark contrast, automotive giants Ford and General Motors have had to recalibrate their EV goals. Challenges such as a slower EV adoption rate, rising operational costs, and an uncertain economic landscape have prompted them to either delay or scale down their EV production targets.

Yet, Hyundai remains undeterred. The company’s Vice President, Seo Gang Hyun, voiced confidence in the long-term growth of EV sales, indicating that they wouldn’t be hitting the brakes on their EV journey any time soon.




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