Hyundai Motor Company Oct. 26 announced its business results for the third quarter of 2020, as it was informed in the press release of the company.
The third-quarter revenue increased 2.3 percent year-over-year to KRW 27.58 trillion from KRW 26.97 trillion a year earlier.
An enhanced product mix helped by robust sales of SUV models and Genesis luxury brand models as well as declining incentives helped lift revenue in the third quarter despite an adverse economic environment and an unfavorable exchange rate. Robust sales in India and Russia also contributed to higher revenue. Hyundai recorded a third-quarter operating loss of KRW 313.8 billion, while net loss stood at KRW 188.8 billion.
Excluding the provision, the business performance exceeded market expectations despite the persistently weak global demand caused by the COVID-19 pandemic.
For the first nine months of 2020, Hyundai’s global sales totaled 2,605,189 units while revenue reached KRW 74.75 trillion. Nine-month operating profit stood at KRW 1.14 trillion and net profit was KRW 741.2 billion.
Established in 1967, Hyundai Motor Company offers a range of world-class vehicles and mobility services in more than 200 countries. Hyundai Motor sold more than 4.4 million vehicles globally in 2019, and currently employs some 120,000 personnel worldwide. The company is enhancing its product lineup with vehicles designed to help usher in a more sustainable future, while offering innovative solutions to real-world mobility challenges. Through the process Hyundai aims to facilitate ‘Progress for Humanity’ with smart mobility solutions that vitalize connections between people and provide quality time to its customers.
