• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Hyundai Motor lifts full-year outlook as Q2 profit up 15%
Business

Hyundai Motor lifts full-year outlook as Q2 profit up 15%

July 26, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email
  • Raises 2023 sales growth outlook to 14-15% from 10.5%-11.5%
  • Lifts operating profit margin guidance to 8-9% from 6.5-7.5%
  • Q2 EV sales up 47% to 78,000 units
  • Increases U.S. EV incentives to $4,000-$5,000 per vehicle

SEOUL, July 26 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) raised its annual sales and profit margin guidance on Wednesday, after recording a 15% rise in quarterly net profit helped by a weaker won currency, robust sales of electric vehicles (EVs) and increased production.

The world’s No.3 automaker by sales together with affiliate Kia Corp (000270.KS) forecast 2023 revenue would grow 14-15%, up from its January guidance of 10.5-11.5%, while its operating profit margin was upwardly revised to a range of 8-9% from 6.5-7.5%.

“The company expects to strengthen sales momentum through production improvements as chip and component supplies stabilise worldwide … and enhance profitability despite global uncertainties such as interest rate fluctuations,” Hyundai said in a statement.

Its upbeat outlook comes amid growing concerns about cooling vehicle demand due to high interest rates and economic slowdown, with some of its rivals indicating price cuts to drive volume growth.

Tesla (TSLA.O) CEO Elon Musk signalled last week that it would cut prices again on EVs in “turbulent times” to boost sales.

Hyundai expanded operating margin to 10% in the second quarter from 9.5% in the first quarter.

But its annual margin guidance of 8-9% indicates profitability will come under pressure in the second half, as supply chain bottlenecks ease further, allowing production to rise just when demand is expected to start cooling off.

See also  Honda posts 31% Q2 operating profit jump, raises full-year forecast

Yet some analysts are upbeat that constrained vehicle production triggered by a global shortage of chips that began during the COVID-19 pandemic would continue, buffeting the industry from overall economic slowdown that has dampened demand for most consumer goods.

“The current supply-demand dynamics where we see excessive demand would likely continue into 2025,” said Kim Jinwoo, an analyst at Korea Investment & Securities.

Shares in Hyundai Motor closed down 0.9% versus a 1.7% drop in the broader KOSPI market (.KS11).

[1/2]A Hyundai Kona vehicle is unveiled at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly

STRONG U.S. PERFORMANCE

Hyundai said vehicle sales rose 8.5% to 1.06 million units in the second quarter, with EV sales soaring 47% to nearly 78,000 units.

In the United States, Hyundai’s biggest market, sales of green energy cars that include EVs and plug-in hybrids more than doubled to 46,000 units. Sales climbed thanks to increased incentives as Hyundai’s EVs are not eligible for federal tax credits under the Inflation Reduction Act (IRA) as they do not meet requirements.

Zayong Koo, Hyundai’s head of investor relations, told analysts on an earnings call that the size of EV incentives it spent in the U.S. market amounted to around $4,000-$5,000 per vehicle.

The IRA requires 50% of the value of battery components to be produced or assembled in North America to qualify for a $3,750 credit and 40% of the value of critical minerals sourced from the United States or a free trade partner for a separate $3,750 credit.

See also  Australia's Woolworths posts profit rise as price gains offset cost hikes

Overall vehicle sales in the U.S. grew 14% to 225,000 units, led by sedans, while in South Korea, its second-biggest market, sales rose 13% to 206,000 units.

Hyundai said last month it planned to boost EV production in the United States to three-quarters of its total production there by 2030 from just 0.7% now.

The maker of the popular IONIQ 5 EV and luxury Genesis G70 sedan reported a net profit of 3.2 trillion won ($2.50 billion) for the April-June period, missing a 3.3 trillion won estimate from 19 analysts compiled by Refinitiv SmartEstimate, weighted toward analysts that are more consistently accurate.

Revenue rose 17% on-year to 42 trillion won.

($1 = 1,279.1700 won)

Reporting by Heekyong Yang and Ju-min Park; Writing by Miyoung Kim; Editing by Jacqueline Wong

: .

fullyear Hyundai lifts Motor outlook profit
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Bidenomics At Work? Part-Time Employment Surges For Another Month While Full-Time Falters

April 5, 2024

CFTC commissioner hopes to find path forward in Binance lawsuit

April 25, 2023

How to fix cancer clinical trials’ diversity problem

September 7, 2023

Will a China-Led Global Recession Influence Beijing’s Russia Policy? 

August 15, 2023
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Disturbing viral video shows middle school student ‘body-slam’ smaller student to the ground, police say charges are pending

February 21, 2023

West Virginia’s Bob Huggins Has Salary Slashed by $1 Million After Calling Xavier Fans ‘Catholic F*gs’

May 12, 2023

Pakistan’s Economy: Lessons From South Korea

July 22, 2024
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.