Different Outcomes
Hyundai Motor outperformed the other three major Korean companies -- Samsung Electronics, SK Hynix and LG Electronics -- in the United States in 2022.
The Korea CXO Institute, which specializes in analyzing companies, released the results of a survey on the performances of the U.S. subsidiaries of the four major Korean companies in 2022.
The Korea CXO Institute studied four U.S. subsidiaries in which the four major companies hold stakes of more than 50 percent. They are Samsung Electronics America, SK Hynix America, Hyundai Motor America, and LG Electronics USA.
The four corporations reported combined revenue of US$115.726 trillion in 2022, a 19.7 percent increase from US$96.642 trillion the previous year.
Hyundai Motor America’s revenue in 2022 was 33.684 trillion won (US$25.157 billion), up 47.2 percent from 22.88 trillion won (US$17.09 billion) the previous year. Hyundai’s revenue growth was more than double that of SK Hynix (13.8 percent), Samsung Electronics (10.4 percent), and LG Electronics (10.4 percent).
The gaps in net income growth rates were even wider. Hyundai Motor’s US net income surged 147.9 percent from 1.28 trillion won (US$956 million) in 2021 to 2.49 trillion won (US$1.86 billion) in 2022.
Samsung Electronics’ U.S. net income, on the other hand, shrank by 73.3 percent, from 823.9 billion won (US$615.4 million) to 219.6 billion won (US$164.0 million). LG Electronics (252.3 billion won to 191.6 billion won, or US$188.5 million to US$143.1 million) marked a 24.1 percent drop, and SK hynix (67.2 billion won to 58.1 billion won, or US$50.2 million to US$43.4 million) a 13.5 percent drop in U.S. net income.