Hyundai Motor Reports 2011 First Half Earnings
- Hyundai sells 1.96 million units worldwide in the first half of 2011
- Sales revenue and net profit stand at 38.3 trillion won and 4.2 trillion won
Hyundai Motor Company, South Korea’s largest automaker, sold 1,958,218 units (domestic: 343,896 / overseas: 1,614,322) worldwide in the first six months of 2011, up 11 percent from the same period a year earlier, helped by the launch of new products.
Hyundai Motor posted solid earnings based on its world-class quality and strong product competitiveness: Net profit rose 41.3 percent to 4.18 trillion won (including non controlling interest) in the first half from a year earlier. Hyundai Motor’s operating profit stood at 3.95 trillion won on sales revenues of 38.32 trillion won (Auto business: 32.9 trillion / Finance and others: 5.43 trillion). Sales revenues increased 20.2 percent due to a rise in sales volume and improved product mix.
Sales in the Korean domestic market and overseas markets (export: 563,072 / overseas plants: 1,051,250) all rose, led by new products such as the new Grandeur (badged as Azera in some markets), Accent (badged as Verna/Solaris in some markets) and Elantra (badged as Avante in Korea).
Hyundai Motor will continue to focus on qualitative growth by strengthening its product competitiveness and introducing innovative marketing programs. The company will also accelerate the development of its eco-friendly car line up, including vehicles with high fuel efficiency and low emissions, to give consumers a wider range of choices amid high fuel prices.
* Starting from this year, Hyundai Motor is basing its earnings on the International Financial Reporting Standards (IFRS), replacing K-GAAP.
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Established in 1967, Hyundai Motor Co. has grown into the Hyundai Motor Group which has ranked as the world’s fifth-largest automaker since 2007 and includes more than two dozen auto-related subsidiaries and affiliates. Hyundai Motor, which has six manufacturing bases outside of South Korea, sold approximately 3.6 million vehicles globally in 2010. Hyundai vehicles are sold in 186 countries through some 5,300 dealerships and showrooms. Further information about Hyundai Motor and its products is available at www.hyundai.com.
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