Hyundai Motor Group recently shared its earnings report for the first quarter of the year. Accordingly, the company Volkswagen Group It managed to become the world’s second most profitable automobile manufacturer. So who’s in first place?
Hyundai’s sales surpassed Volkswagen’s
According to the financial results announced this week, Hyundai Motor in the January-March period 5.5 billion dollars of activity wife got it. This figure is higher than Volkswagen achieved in the same quarter. $4.9 billion profit It is located in front of you. This puts the company in second place.
of Hyundai Group Hyundai, Kia Motors and Genesis There are three automotive brands: The strong performance of all three brands led the company to surpass Volkswagen in quarterly operating profit. With this Toyota Engine It maintained its top position with an operating profit of 6.3 billion dollars.
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Another area where Hyundai outperformed its German rival was operating profit margin. The South Korean automobile giant’s profit margin in the first quarter of the year was 10.4 percent. Volkswagen’s margin remained around 6.1 percent. Apart from Hyundai, only Toyota was able to achieve a high margin of 10 percent.
Analysts targeted the diversity of Hyundai’s automobile portfolio and sales of high-end luxury vehicles offered under the Genesis brand. This paved the way for it to compete with brands such as Volkswagen and Toyota. SUV models and hybrid vehicles enabled Hyundai to grow in important markets.
On the other hand, Hyundai revealed its ambitious growth strategy at the 2024 Beijing International Automotive Fair. At the center of this strategy is the brand’s fully electric model, IONIQ 5 N. This ambitious model draws attention with its 650 horsepower and design. It will be available in China in the second half of this year.