The VW competitor Hyundai almost tripled its earnings last year despite a significant slump in the final quarter. As South Korea’s industry leader announced, the surplus for 2021 totaled almost 5.7 trillion won (about 4.2 billion euros), up from 1.9 trillion won the year before. Sales climbed 13 percent to 117.6 trillion won ($90.2 billion). Hyundai Motor, together with its subsidiary Kia, is one of the ten largest car manufacturers in the world.
According to Hyundai, it was able to increase global sales by 3.9 percent to around 3.9 million cars. Among other things, sales of SUVs and models from the luxury brand Genesis increased. In order to achieve its sales targets this year, Hyundai wants to further expand the product mix for expensive models.
In the fourth quarter of 2021, on the other hand, sales fell by 15.7 percent to 960,639 units. In the foreign markets, the global supply bottlenecks in important components such as semiconductors for chips had an impact, the company said. In its outlook for 2022, Hyundai expects the delivery problems to be solved in the first half of the year.
Seven million cars as a goal
In the October-December period, the surplus fell 41 percent year-on-year to 701.4 billion won. Sales revenue rose 6 percent to 31.3 trillion won (22.9 billion euros). As a result, the corporate tax payments had an impact, said a spokeswoman.
Together with Kia, Hyundai wants to surpass the threshold of seven million cars again this year, after missing this goal in 2021. Hyundai also wants to introduce new electric models. The South Koreans want to achieve a ten percent share of the world market for battery-powered electric vehicles by 2025. (dpa-AFX/gem)
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