As others cry the blues, Hyundai publicizes report revenue, retains EV plans on monitor
Whereas some legacy automakers whine that they will’t make a revenue on EVs, and others cling to Twentieth-century tech akin to hybrids and hydrogen, Hyundai is getting on with the enterprise of promoting EVs—and making a tidy revenue, thanks.
Hyundai Motor, which incorporates the Hyundai, Kia and Genesis manufacturers, not too long ago posted third-quarter monetary outcomes. The Korean automaker introduced a report Q3 working revenue of $2.8 billion, up an eye-popping 146 % from Q3 2022. Working revenue margin reached 9.3 %, greater than double final yr’s 4.1 %.
These outcomes are for the Hyundai Motor group as a complete, together with its legacy ICE automobiles, however the firm cited electrical automobiles as one of many causes for its spectacular development. The group offered some 169,000 electrified automobiles (hybrid, PHEV and EV)—a 33 % enhance from final yr.
The Korean automaker goes ahead with growth plans, which embrace providing as many as 31 EVs by 2030 throughout all three manufacturers.
Search engine optimisation Gang Hyun, Hyundai Motor’s VP and Chief Monetary Officer, acknowledged that the EV market could also be dealing with some short-term headwinds, however mentioned his firm had no plans to delay or abandon any of its EV manufacturing objectives. “We don’t plan to dramatically cut back EV manufacturing or our line-up as a result of seemingly near-term hurdles, as we imagine EV gross sales will develop longer-term,” he informed analysts on the latest earnings briefing.
The group goals to be producing 1.51 million electrified automobiles per yr in South Korea, and three.64 million per yr on a world foundation, by 2030. It’ll make investments round $18.2 billion on this time-frame to ramp up manufacturing and launch new fashions, together with the Hyundai Ioniq 7 and Kia EV9.
Supply: Reuters by way of InsideEVs
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