Hyundai Motor posts biggest revenue in 2019

SEOUL (Xinhua) – Hyundai Motor, South Korea’s biggest automaker, posted its biggest revenue last year on an enhanced product mix and a positive effect from the foreign exchange rate, the company said yesterday.

Hyundai’s revenue gained 9.3 per cent over the year to 105.79 trillion won (USD90.8 billion) in 2019, topping the 100 trillion-won mark for the first time in the company’s history.

Operating profit surged 52 per cent to 3.68 trillion won (USD3.2 billion), and net income almost doubled to 3.26 trillion won (USD2.8 billion) in 2019 from 1.65 trillion won (USD1.4 billion) in the previous year.

The robust earnings were attributed to the strengthened product mix with an increased sale of sport utility vehicles (SUV), such as Palisade, that offset the decline in overall sales volume.

The domestic currency’s depreciation versus the United States (US) dollar increased the conversion value of overseas vehicle sales.

The South Korean carmaker sold a total of 4,425,528 vehicles globally in 2019, down 3.6 per cent from the prior year. In the domestic market, automobile sale added 2.9 percent to 741,842 units, but overseas sale declined 4.8 percent to 3,683,686 units.