Tue, 07 Dec 2021

SEOUL, Oct. 26 (Xinhua) -- Hyundai Motor, South Korea's biggest automaker, saw its operating profit turn into black in the third quarter of this year thanks to solid demand for luxury models, the company said Tuesday.

Consolidated operating profit amounted to 1.6 trillion won (1.4 billion U.S. dollars) in the July-September quarter.

This was compared to an operating loss of 313.8 billion won (268.7 million U.S. dollars) in the same quarter of last year when quality-related expenses impacted profitability, Hyundai said in a statement.

Revenue gained 4.7 percent over the year to 28.87 trillion won (24.7 billion U.S. dollars) in the third quarter due to strong sales of electric vehicles and Genesis luxury brand models.

Net income, including non-controlling interest, increased to 1.49 trillion won (1.3 billion U.S. dollars) in the quarter.

Hyundai's global sale of vehicles declined 9.9 percent from a year earlier to 898,906 units in the third quarter owing to the disruption of chip supply around the globe.

The automotive sale in markets outside South Korea was down 6.8 percent to 744,159 units, and the sale in the local market tumbled 22.3 percent to 154,747 units.

Hyundai forecast that on-year sales growth may slow down for the rest of 2021 amid adverse business conditions, caused by the unstable supply of semiconductors as well as potential unfavorable shift in the currency environment.

The company said it will continue to enhance product mix with more sport utility vehicles (SUVs) and luxury models while optimizing production plans and sales strategies.

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