The headquarters of Hyundai Motor and Kia in Seoul / Courtesy of Hyundai Motor Group
Carmaker stresses agility, flexibility to tackle escalating uncertainties in era of Trump
By Lee Min-hyung
Hyundai Motor set a new high in its annual sales last year, driven by its flexible and agile response to meet growing demand for hybrid cars amid the slowing growth momentum of electric vehicles (EVs), the automaker said in a regulatory filing, Thursday.
The carmaker achieved record sales of 175.2 trillion won ($121.8 billion) in 2024, up 7.7 percent from a year earlier. Its operating profit, however, inched down 5.9 percent during the same period.
Hyundai Motor extended a winning streak with stronger fundamentals driven by expanded sales of value-added SUVs and hybrids despite the global auto market downturn, the company said. Hyundai Motor sold a total of 4.14 million vehicles last year here and abroad, down 1.8 percent from the previous year.
However, sales of eco-friendly vehicles — including hybrids and EVs — rose by 8.9 percent to 757,000 cars, driving the overall sales growth of the carmaker last year.
Hyundai Motor is one of the few global carmakers with flexible manufacturing capabilities encompassing production for cars with internal combustion engines, hybrids and EVs. Hyundai Motor is also capable of adjusting the pace of production for each type of vehicle in line with any changes in market circumstances.
However, the company remains vigilant amid growing market uncertainties due to weak consumer confidence and the incoming U.S. President Donald Trump administration.
“The global auto industry will face heightened uncertainties under the Trump administration this year, but our top executives, such as Jose Muñoz, will swiftly handle any risk factors and market circumstance changes through a thorough group-wide examination,” Lee Seung-jo, chief financial officer at the carmaker, told investors during a conference call.
“The carmaker will turn the lingering sense of crisis into a major opportunity this year by stepping up our agility,” he said.
Such external risk factors prevent Hyundai Motor Group from extending its robust earnings growth throughout 2025. For the past few years, the company has enjoyed setting record earnings each year.
However, the carmaker is concerned it could be negatively impacted by Trump’s outward pessimism regarding EV subsidies and imported products, posing a significant downside risk. The U.S. market is crucial, accounting for around 20 percent of total sales for the group’s three major brands — Hyundai Motor, Kia and Genesis.
The company also aims to boost car sales to more than 4.17 million this year.
English (United States) ·