Hyundai posted a 48% increase in fourth-quarter profit

Article by Christian A., on January 28, 2011

Hyundai Motor Co. reported a 48% increase in fourth-quarter profit as sales in the U.S. and China went up amid the increasing global auto demand. In a regulatory filing, Hyundai said that its net income rose to a record 1.4 trillion won ($1.3 billion) in the three months ended Dec. 31 compared to 945.5 billion won a year earlier.

Analysts anticipate a 1.41 trillion won profit, according to the average of 16 estimates surveyed by Bloomberg. Meanwhile, its revenue grew 3.1% to 9.94 trillion won.

Hyundai attracted buyers with its new versions of the Sonata sedans, Elantra compacts and Tucson sport-utility vehicles while a strong yen hampered the competitiveness of Japanese rivals including Toyota Motor Corp.

Hyundai's U.S. sales went up by 38% from the previous year to 128,181 vehicles in the quarter, while its deliveries rose by 22% in China and 6.5% in Europe.

Before the announcement, Chang In Whan, president of KTB Asset Management in Seoul, said that Hyundai's brand value and quality improved with the launch of various new models.

Chang, whose company manages the equivalent of $6.7 billion in assets including Hyundai’s stock, said that the carmaker is expected to sustain its growth but it “may face a challenge from a strengthening won later this year.”

Chief Financial Officer Lee Won Hee said that it expects sales to reach 3.9 million vehicles in 2011. Hyundai’s global market share last year was 5.2%.

Topics: hyundai, profit

If you liked the article, share on:

Comments

Recommended

Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
The year 2018 marks the golden anniversary of Subaru of America. Of course, the company will celebrate 50 years of being at the helm of the brand’s crusade in North...
by - February 24, 2017
During car crashes and accidents, there are times that its occupants can’t get out easily. There are times when the only way to get out of that situation is to...
by - February 23, 2017
Could this be a special version of Ferrari’s much acclaimed LaFerrari? No matter how we look at it, the patent images for this sports car from Ferrari indicate its striking...
by - February 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries