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(LEAD) Hyundai Q4 net more than doubles on improved chip supplies, SUV demand

14:44 January 26, 2023

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SEOUL, Jan. 26 (Yonhap) -- Hyundai Motor Co. said Thursday its fourth-quarter net profit more than doubled from a year earlier on improved chip supplies and robust sales of its SUV models.

Net profit for the three months ending in December jumped to 1.709 trillion won (US$1.38 billion) from 701.37 billion won during the same period of last year, South Korea's largest carmaker said in a statement.

"An improved product mix and a low level of incentives also helped the quarterly bottom line," a company official said.

Operating profit also more than doubled to 3.359 trillion won in the fourth quarter from 1.529 trillion won a year ago. Sales rose 24 percent to 38.523 trillion won from 31.026 trillion won during the same period, it said.

For the whole of 2022, net income jumped 40 percent to 7.983 trillion won from 5.693 trillion won the previous year.

Operating profit climbed 47 percent to 9.819 trillion won from 6.679 trillion won during the mentioned period. Sales were up 21 percent to 142.528 trillion won from 117.611 trillion won.

In 2022, Hyundai sold 3.94 million vehicles in global markets.

This year, the maker of the Sonata sedan and the Palisade SUV aim to sell 4.32 million autos to achieve sales growth of 10.5-11.5 percent.

It plans to spend 10.5 trillion won on capital expenditures for the year.

This file photo taken Oct. 24, 2022, shows Hyundai Motor headquarters building in Yangjae, southern Seoul. (Yonhap)

kyongae.choi@yna.co.kr
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