The Hyundai Motor Company reports an 8.1% and a 26% year-over-year increases in sales revenue and operating profit.
Hyundai Motor Company has announced business results for the first half of 2019, reporting an 8.1% and a 26% year-on-year increase in sales revenue and operating profit respectively.
Hyundai's strong gains for this year are attributable to the popularity of the Palisade SUV The year-on-year gain in revenue is largely attributable to the enhancement in overall product mix with strong SUV sales led by the Palisade and the Santa Fe, as well as from currency fluctuations. Hyundai Motor posted revenue of $58.8 billion in the first half, compared to $54.5 billion in the same period last year.
Global vehicle sales totalled 2.13 million units, compared with 2.24 million units in the same period in 2018.
The company reported an operating profit of $2.38 billion for the first half, which represents a 26% increase over the $1.88 billion achieved a year earlier.
Hyundai plans to offer a greater variety of SUVs including the new entry level Venue Hyundai Motor plans to tackle future business uncertainties arising from the sluggish global economic growth by strengthening its lineup with new models in Korea and other major markets. Hyundai will be able to offer a greater variety of SUVs, with the all new entry level Venue SUV introduced in July and the Genesis brand's first ever SUV model awaiting global rollouts in the second half of this year.
The company will also further streamline production, sales and other capabilities in its regional headquarters to better tailor products and services to the needs of different markets, while prioritising customer value and engaging in proactive communication with markets.