Hyundai Motor Announces Q1 2024 Business Results

• Q1 revenue increased 7.6% Y/y to KRW 40.66 trillion, its highest Q1 revenue
• Operating profit margin hit 8.7%; operating profit was down 2.3% to KRW 3.56 trillion
• The company sold 1,006,767 units during the first quarter, down 1.5% Y/y
• Strong sales in North America and India
• The company to pay its first quarter dividend of KRW 2,000 in line with its shareholder-friendly policies
• Hyundai Motor to enhance profitability through various measures despite global uncertainties, including fluctuations in interest rates and geopolitical issues
• The company to strengthen its global electrification leadership through the sale of Hyundai hybrids and the introduction of new IONIQ models

Hyundai Motor Company today announced its business results for the first quarter of 2024. The company’s first-quarter revenue increased 7.6 percent year-over-year to KRW 40.66 trillion, its highest first-quarter revenue.

During the January–March period, the company’s operating profit decreased 2.3 percent year-over-year to KRW 3.56 trillion with operating profit margin of 8.7 percent. Its net profit (including non-controlling interest) was down 1.3 percent to KRW 3.38 trillion.

Hyundai Motor sold 1,006,767 units worldwide in the January–March period, a 1.5 percent decrease from a year earlier. Sales in markets outside Korea were up by 1.9 percent to 846,800 units, backed by solid sales in North America and India.

Sales in Korea decreased 16.3 percent to 159,967 units due to the temporary suspension of production at Hyundai Motor’s Asan Plant in Korea, which is revamping its facilities for electric vehicle (EV) production.

Hyundai Motor had strong hybrid sales in the first quarter, nearly 98,000 units, up 16.6 percent from a year earlier. The company sold 153,519 units of its electrified models, including hybrids, plug-in hybrids, battery electric vehicles and fuel cell electric vehicles, down 4.8 percent compared to the same period last year.

The company will continue to strengthen its global electrification leadership by selling hybrids and introducing new IONIQ EV models.

The company announced its quarterly dividend of KRW 2,000 for the first quarter, as per the announcement of the dividend payout ratio, which is 25 percent or higher of its consolidated net profit attributable to controlling interest.

Hyundai Motor plans to secure its market share and robust profitability, higher than 8 percent of operating profit margin, through increased sales, optimized production and an enhanced product mix with more SUVs and luxury models. It aims to do so despite persistent external factors, such as expanding inflation, fluctuating interest rates and geopolitical issues.

(Revenue / Operating Profit / Net Profit unit: Billion KRW)