Hyundai Motor's Q4 Net Profit Jumps 78 Percent
Sumaira FH Published January 26, 2021 | 12:30 PM
Seoul, (UrduPoint / Pakistan Point News - 26th Jan, 2021 ) :South Korean automaker Hyundai Motor defied the coronavirus pandemic to post a surprise 78 percent surge in fourth-quarter profits Tuesday, as robust domestic sales offset weak overseas demand.
Net profit in the October-December period jumped to 1.38 trillion won ($1.24 billion) from 772 billion won a year earlier, Hyundai, which along with its affiliate Kia is among the world's top 10 automakers, said in a statement.
Domestic sales in the final three months rose five percent, driven by its luxury Genesis line, while foreign sales dropped by 6.6 percent, the company said.
"Robust sales of SUV models and Genesis luxury models as well as declining incentives helped lift revenue in the fourth quarter despite an adverse economic environment," it said.
Full-year profits came to 2.12 trillion won, down 33.5 percent from 2019, demonstrating the financial toll the pandemic has taken on global carmakers.
GM, Toyota and Fiat Chrysler all reported double-digit declines in US sales last year.
And total US auto sales for 2020 are projected to drop 15.3 percent to 14.4 million, making it the worst year for the industry since at least 2012, according to a December forecast from Cox Automotive.
Going into 2021, Hyundai said it will focus on "future business strategies" by producing electric and hydrogen-powered vehicles and aim for an up to 15 percent increase in revenue.
The firm has already rolled out fully-electric cars including the Ioniq and the Kona Electric as it seeks to win a slice of the growing market.
Reports this month that it was in talks with Apple to form a partnership to manufacture all-electric cars prompted its shares to spike nearly 20 percent.
Hyundai said it had received requests to co-operate on self-driving electric cars from various companies, but did not confirm it was in discussions with Apple.
Hyundai Motor shares closed 3.27 percent down on Tuesday.
Related Topics
Recent Stories
UHS declares MBBS first prof, MS urology exam results
Separate coaches to be hired for ODIs, Test and T20I formats
Finance Minister calls for reforming tax system to improve country's economy
PM calls for joint efforts to check smuggling, power theft
Infinix Unveils a Vibrant New Chapter with Wahaj Ali: The face of Infinix NOTE 4 ..
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
More Stories From Miscellaneous
-
Shaheed Jalil Andrabi remembered on his martyrdom anniversary
2 days ago -
Architectural grandeur of Mohabat Khan Mosque attracts visitors, archeology lovers
2 days ago -
Besant Hall cultural centre to hold programme in memory Pir Hassam din Rashdi
4 days ago -
USA beats Mexico 2-0 for CONCACAF Nations League title
4 days ago -
World urged to intervene for peace in Kashmir
5 days ago -
Undeterred resolve – only way to end economic woes
5 days ago
-
Organic Food: A booming trend in Khyber Pakhtunkhwa
5 days ago -
From Soil to Harvest: Use of modern technology vital for agricultural renaissance
5 days ago -
Spring season offers glimpse into GB's natural beauty, cultural heritage
5 days ago -
Nation to mark decades’ long journey of resilience through annals of history
7 days ago -
23rd March: A historic day reminds Muslims’ heroic struggle for Pakistan
7 days ago -
Measures urged to recharge depleting water table: Experts
7 days ago