Hyundai Motor Group running Hyundai Motor and Kia Corp. is expected to have set a new sales record in 2023. It is also expected to claim the No. 3 global position for the second consecutive year.
Hyundai Motor and Kia Corp. are expected to have logged record annual operating profits of 15 trillion won and 11 trillion won, respectively, in 2023, according to sources in the automotive industry on Jan. 23.
As a result, the two carmakers are expected to overtake Samsung Electronics which has held the top spot in operating profits among listed Korean companies for 14 consecutive years to take the first and second spots. Samsung’s operating profit in 2023 is estimated at 7.4 trillion won.
Hyundai Motor is expected to have posted 162,641.7 billion won (US$121.4455 billion) in sales and 15.4381 billion won in operating profit in 2023. This will be the company’s best business performance since the introduction of new accounting standards (IFRS) in 2010. The previous annual operating profit record was 9 trillion won in 2022.
Kia Corp. is expected to have recorded 100,756.9 billion won in sales and 11,985.1 billion won in operating profit in 2023. If the expectation comes true, the carmaker will post over 10 trillion won in operating profits for the first time in its history.
The two companies’ combined operating profit is projected to reach 27,423.2 billion won. Their combined annual sales are also expected to reach 26.3 trillion won, the highest ever.
Stellantis, Renault-Nissan-Mitsubishi, and General Motors (GM) are expected to post sales of around 6 million units each, following after Hyundai Motor Group.
Hyundai Motor Group plans to continue its solid profitability in 2024 by launching new models with advanced features. Hyundai Motor Group’s sales target for this year is 7.44 million units -- 4.24 million for Hyundai and 3.2 million for Kia.