TapTechNews May 14th News, according to KoreaTimes, Hyundai Motor Group surpassed Volkswagen Group in the first quarter of 2024 for the first time in operating profit, becoming the world's second largest profitable car manufacturer, marking an important milestone in its development journey.
The three major car manufacturers under Hyundai Motor Group - Hyundai, Kia, and Genesis, achieved a combined operating profit of 6.98 trillion Korean won (approximately 369.24 billion Chinese yuan) in the first quarter, slightly higher than Volkswagen Group's approximately 6.78 trillion Korean won in the same period.
Toyota maintains its top position with a huge advantage of over 20 trillion Korean won ahead of Hyundai. However, Hyundai Motor Group surpassed Toyota in operating profit margin. Hyundai Motor Group's operating profit margin is 10.4%, ranking first among global car manufacturers. Toyota's operating profit margin in the same period is 10%, while General Motors and Volkswagen Group have operating profit margins of 8.7% and 6.1% respectively.
This latest achievement is attributed to Hyundai Motor Group's diversified car product line and the increase in sales of profitable luxury cars. Kim Sung-rae, an analyst at Hana Financial Investment, stated: The proportion of sales of the group's SUV models and the Genesis brand has increased, contributing to the growth in revenue.
Prior data released by Korean media showed that Hyundai sold over 1 million vehicles globally in the first quarter of this year, with significant increase in sales of SUV and hybrid models. Kia sold over 750,000 vehicles globally in the same period, slightly down by around 1% from the previous year. In 2023, Hyundai Motor Group's total global sales reached 7.3 million vehicles, and this year, the group has set a target to achieve a 2% increase in revenue compared to the previous year.