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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Co. and Kia Motors Corp. have booked the third-largest global sales of finished cars this year, following last year. Sales and operating profit are expected to easily exceed 27 trillion won, the largest since its establishment.
According to related industries on the 4th, Hyundai Motor and Kia sold a total of 6,742,039 units in the January-November period this year. This is a 7.6% increase from the same period last year. Considering the expected sales in December, it is expected to receive a close report card, although it is slightly below Hyundai Motor Group's annual sales target of 7.521 million units (up 10% year-on-year) at the beginning of the year.
Despite high interest rates and the aftermath of the economic recession, Hyundai Motor Group maintained its growth in major markets such as North America, Europe and emerging economies. As a result, Hyundai Motor Group is the third largest global car maker this year after Toyota Group and Volkswagen Group.
Hyundai Motor Group stood out the most this year in the United States. Hyundai Motor Group's cumulative sales in the U.S. market in the third and fourth quarters of this year were tallied at 1,250,482 units, up 15 percent from a year earlier, hitting a record high. As the trend continues in the fourth quarter, Hyundai Motor Group is expected to overtake Stellatis this year to rank fourth in the U.S. market. By November this year, Hyundai and Kia's sales in the U.S. have already surpassed last year's annual earnings. Such a leap in the U.S. market plays a key role in Hyundai Motor Group's maintaining its global third place.
According to financial information provider FnGuide, according to a tally of earnings forecasts of securities firms that released reports within the past three months, Hyundai Motor's estimated annual sales for this year are 162.6343 trillion won and operating profit is 15.3723 trillion won. The figure jumped 14.1 percent and 56.5 percent, respectively, from a year earlier. Kia's estimated sales and operating profit for the same period were 101.3761 trillion won and 12.92 trillion won, up 17.1 percent and 67.2 percent, respectively, from last year.
Both Hyundai and Kia are expected to generate the largest sales and operating profit since their establishment. The estimated combined sales of the two companies reached 264.104 trillion won and operating profit reached 27.4643 trillion won. The business community expects Hyundai Motor and Kia to rank first and second in operating profit of listed companies for the first time this year if there is no major change at the end of the year. However, with its biggest performance this year, it predicted that Hyundai Motor's expected operating profit for next year will be 4.5% lower than this year and Kia's 4.9%.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
