Hyundai's income significantly increased by 11.9% during the year 2024
Hyundai Reports Q4 and Full-Year Business Results, Outlines 2025 Strategy
Hyundai Motor Co. has released its Q4 and full-year business results for 2024, along with its plans for 2025. The South Korean automaker reported a 6.1% operating margin in Q4 2024, a slight decrease from the previous year due to higher warranty costs and bigger incentives to boost sales.
In the North American market, Hyundai saw a 5.6% year-over-year increase in vehicle sales, selling a total of 1.1 million vehicles in 2024. The popular SUV segment accounted for roughly 75% of Hyundai's 988,000 vehicles sold in the U.S. market, marking a 9% year-over-year increase.
The sales of eco-friendly models in the U.S. market also saw a significant jump, with a 24.4% increase in full-year sales to 217,000 units. Hyundai's Q4 sales of eco-friendly vehicles in the U.S. market increased by 22.1%, with hybrid models accounting for 16.2% of the segment.
However, Hyundai's vehicle sales in China fell by 53.3% year-over-year to 31,000 units in Q4 2024, and for the full year, sales declined by 35.6% to 244,000 vehicles. Sales in Europe were down by 2.4% in 2024, while vehicle sales in Hyundai's home market of South Korea decreased 4.6% in Q4 and by 7.5% for the year.
Despite the challenges in certain markets, Hyundai's Q4 revenue in 2024 was 46.62 trillion won ($32.5 billion), a 11.9% increase year over year. The company's annual revenue in 2024 increased by 7.7% to 175.2 trillion won ($122.1 billion).
Looking ahead to 2025, Hyundai plans to invest a total of $11.8 billion. The company has not publicly specified individual target countries for 2025, but it traditionally focuses its sales on growth markets such as the USA, China, South Korea, and Europe. Hyundai's consolidated financial guidance for 2025 includes a sales target of 4.17 million vehicles globally.
Hyundai forecasts an operating profit margin between 7% and 8% this year, with annual revenue growth between 3% and 4% from 2024. The company's long-term strategy includes a focus on electrification and the expansion of its eco-friendly vehicle lineup.
In conclusion, while Hyundai faced challenges in certain markets in 2024, the company reported strong growth in North America and a commitment to investment and expansion in 2025. With a focus on electrification and a strong sales strategy, Hyundai is well-positioned for continued growth in the coming years.
Read also:
- Upcoming iPhone Model: What We Understand Thus Far
- Chinese Medicine: An Overview of Traditional remedies and healing techniques from China
- Severe Norovirus Infections: Exploring Potential Health Complications
- Bangladesh confronted a health predicament, marked by outbreaks of dengue fever and chikungunya.
