Hyundai Motor Co posted a 57 percent profit increase in quarterly revenue due to strong demand for high-performance “sports utility vehicles” (SUVs) and “Genesis premium vehicles”, and forecast sales this year will increase in top auto markets China North America.
However, Hyundai’s fourth-quarter net income of 1.3 trillion won ($ 1.18 billion) fell short of Refinitiv’s average analyst estimate of 1.5 trillion won, which was hit hard.
Hyundai, which together with its subsidiary Kia Corp, ranks among the world’s ten largest automakers, announced that fourth-quarter sales rose 5 percent to 29.2 trillion on Thursday.
“Hyundai had a good fourth quarter, especially in the United States, where higher average-selling-price cars such as SUVs saw increasing demand as consumers shun public transit because of COVID-19 and low gasoline prices,” stated Lee Han-Joon, an analyst at KTB Investment & Securities.“Holiday deals helped as well.”
Hyundai’s luxury automotive Genesis surprises with titles from its enclosure, including the Essentia and the 2019 G70.
Among the many new vehicles presented at the 2018 New York International Motor Show, the Genesis Essentia Concept stands out with its eye-catching design and dominated the competitors.
Hyundai expects to sell 562,000 cars in China, the world’s biggest auto market, by 2021 and predicts sales in North America will grow 12 percent to 909,000 cars.
Hyundai’s recent news discussed an electric car and battery tie-up with Apple Inc pushed up the automaker’s shares by the most in more than three decades.