Hyundai Motor expects to post record earnings this year on strong sales of premium models including electric cars and sport utility vehicles, helped by the weaker local currency.
The South Korean company on Monday raised its full-year revenue growth forecast to 19-20 per cent, from the 13-14 per cent guidance made in January, while its expected 2022 operating profit margin was raised 1 percentage point to between 6.5 per cent and 7.5 per cent.
However, the automaker flagged potential headwinds of high inflation, supply chain disruption and fluctuating raw material prices, although global shortages of chips and other components are expected to ease.
The upbeat guidance came after Hyundai reported a 3.4 per cent fall in third-quarter operating profit at Won1.5tn ($1.04bn) due to a Won1.36tn provision for engine replacement costs. Sales in the three months to September rose 30.6 per cent year on year to Won37.7tn, buoyed by the weaker Korean won, which has fallen 17 per cent against the dollar this year.
Hyundai, which ranks among the world’s top five automakers by sales together with affiliate Kia, said its third-quarter electric vehicle sales rose 27 per cent year on year to 52,000 units, accounting for 5 per cent of its total sales volume.
The company will break ground later this month on its first EV-dedicated US plant worth $5.5bn. The plant, based in Georgia, is not scheduled to begin production until 2025, making it ineligible for tax credits laid out in the US Inflation Reduction Act.
Hyundai’s executives said they would adopt a “flexible” pricing policy for its EVs and try to localise its EV components through various measures including setting up local joint ventures and actively recycling key battery materials.
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2022-10-24 07:44:42Z
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