Hyundai Motor achieves record Q1 sales on strong high-end vehicle demand

[Photo by MK DB]

South Korean auto giant Hyundai Motor Co. posted a record 40.7 trillion won ($29.7 billion) in sales for the first quarter of 2024, thanks to solid demand for premium vehicles.

Hyundai Motor said in a regulatory filing on Thursday that its sales is estimated at 40.7 trillion won for the first quarter, up 7.6 percent from the same period a year ago. Its operating profit is estimated at 3.56 trillion won, down 2.3 percent during the same period.

The strong sales come despite a decline in the number of vehicles sold during the first quarter.

Hyundai Motor sold 1,006,767 cars globally in the first three months of this year, down 1.5 percent from a year ago.

Hyundai Motor was able to achieve its highest-ever first-quarter revenue, however, thanks to solid sales of luxury cars.

Its luxury brand Genesis sold over 56,000 units globally in the first quarter, up by more than 4,000 units from a year ago.

Genesis accounted for 5.6 percent of Hyundai Motor’s entire sales, up from 5.1 percent a year ago.

SUV sales, including the Genesis GV lineup, rose from 560,000 units to more than 610,000 units, accounting for 60.6 percent of total sales, up from 55.5 percent a year ago.

Global sales of eco-friendly cars fell 4.8 percent in the first quarter from a year ago due to the slowdown in electric car demand.

[Graphics by Song Ji-yoon]

Hyundai Motor sold 153,000 green cars, including 97,000 hybrid cars.

The company is building a new plant, Hyundai Motor Group Metaplant America (HMGMA), in the U.S. state of Georgia, aiming for its operation in the fourth quarter of 2024.

The plant was initially planned to be dedicated to electric vehicles, but Hyundai Motor also plans to produce hybrid cars.

“When HMGMA starts operations in the second half of the year, we will add additional facilities to produce hybrid cars as well,” said Lee Seung-jo, senior vice president and head of Planning & Finance Division at the company.

Hyundai Motor, in the meantime, has set the first-quarter dividend at 2,000 won per share, up 33.3 percent from the previous quarter.