Hyundai profits increase 21% in the third-quarter of 2011

Article by Christian A., on October 28, 2011

Sales of Sonata sedans and Tucson SUVs have contributed to the 21% increase in the third-quarter profit of Hyundai Motor Co. In the three months ended Sept. 30, its net income increased to 1.92 trillion won ($1.7 billion) while it had 1.59 trillion won the previous year. According to seven analysts surveyed by Bloomberg, Hyundai may have a profit of 1.89 trillion won, the average estimate of their projections.

Hyundai Motor is likely to reach sales of over 4 million vehicles in 2011 as it raises production from factories in markets like China, according to Chief Financial Officer Lee Won Hee.

Analysts think that the gains will lead to record earnings for Hyundai. They also believe that it will surpass the profits of Japan's Toyota Motor Corp. Lee Jin Woo, senior fund manager at KTB Asset Management Co., which oversees $4.6 billion assets including Hyundai shares, said that these earnings reaffirmed just how competitive Hyundai is in overseas markets.

He added that industry demand may be sluggish in 2012 due to the global economic downturn but he expects Hyundai to perform better than its rivals. This year, Hyundai Motor’s shares have done better than those of Toyota and Nissan Motor Co. It closed today, unchanged at 223,500 won. Meanwhile, the Kospi Index rose 1.5%. From January to September 2011, Hyundai was able to sell 3 million vehicles. It’s on track to deliver over 4 million units in 2011.

The 2011 iteration of the Hyundai Sonata has finally been unveiled to the North American audience at the 2009 Los Angeles Auto Show. This newest Sonata offering essentially introduces Hyundai's "Fluidic Sculpture" design language as well as its four-cylinder engine lineup to the United States. The Sonata follows the Tucson in the rollout of Hyundai's 24/7 version 2.0 product initiative that sees the launch of seven new models in the next 24 months.

Hyundai will commence production of the new Sonata in December 2009 at its Alabama site and will begin its retail sales in January 2010. The 2011 Sonata is Hyundai’s way of penetrating the midsize sedan segment by employing emotional design, premium features and advanced four-cylinder engines -- all offered in great value. For Hyundai, the Sonata allows it to offer a smart, solid yet affordable sedan with sleek and sophisticated style as well as luxury features.

Moreover, the new 2011 Sonata offers V6 power in a package that includes an efficient four-cylinder engine. Around three and half years ago, Hyundai designers commenced working on the so-called Fluidic Sculpture, starting with the 2011 Sonata and 2010 Tucson projects.

As defined, the Fluidic Sculpture is a consistent yet cohesive design language that serves as the core of the brand’s future design identity. Taking inspiration from nature, Fluidic Sculpture aims to fuse both sophistication and dynamic angles into the shape of a vehicle.

During the development of the Hyundai Sonata, designers carefully pondered on creating an impression of constant motion through the interplay of natural fluid elements with more rigid surfaces and structures.

As a result, the new Hyundai Sonata features long, light and low exterior as accentuated by a high beltline that allows for a long, sleek roofline. Its monoform side profile features flowing lines further emphasized by a Hyundai signature chrome accent running the length of the Sonata - a trim usually found around the windows.

On the 2011 Sonata, the trim extends from the headlamps and then protrudes along the hood and through the beltline. Its front end is marked by a large dynamic chrome grille flanked by headlamps with precise details. The new Hyundai Sonata rides on a choice of 16-, 17- or 18-inch multi-spoke wheels.

Topics: hyundai, profit

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