Hyundai Motor's net profit leaps 40.2% on year in 2022

Hyundai Motor's 2022 net profit jumped 40.2 percent on year, driven by strong sales of high-margin models such as SUVs and electric vehicles (EVs) and a weak local currency.

Hyundai Motor headquarters in Yangjae-dong, southern Seoul [YONHAP]

Hyundai Motor's 2022 net profit jumped 40.2 percent on year, driven by strong sales of high-margin models such as SUVs and electric vehicles (EVs) and a weak local currency.

Its annual revenue and operating profit reached all-time highs.

The Korean automaker generated 7.98 trillion won ($6.45 billion) in net profit in 2022, up 40.2 percent on year. That fell slightly short of the market consensus of 8.87 trillion won compiled by FnGuide.

Annual revenue came in at 142 trillion won, a 21.2 percent year-on-year increase, in line with market expectations.

Operating profit jumped 47 percent to 9.8 trillion won, beating the analyst estimate of 9.5 trillion won.

It sold a total of 3.9 million vehicles last year, and, of them, 51.5 percent were SUVs. Vehicles from Genesis, Hyundai's premium brand, accounted for 5.3 percent.

Sales of EVs, including hybrids, rose 19.7 percent to 505.

BY SARAH CHEA [chea.sarah@joongang.co.kr]