The largest Automaker of South Korea, Hyundai Motors Company, reported a 7.9 percent hike in aggregate sales worldwide in the first nine months of the year as compared to the same period last year. It has sold 3,183,516 units worldwide out of which 481,403 were sold in domestic market and 2,702,113 overseas.
Since September 2011, the profit has increased 17.4 percent to 7.16 trillion won. The blend of improved product mix and sales growth has increased the sales revenue by 7.8 percent to 61.75 trillion won. Strong overseas sales resulted in the overall YoY increase.
In the third quarter, Hyundai has sold 1,000,748 units which make up sales revenue of 19.65 trillion won out of which 16.23 trillion has been from the auto domain and the 3.42 trillion won from finance and other domain. The operating profit has been 2.10 trillion won with an operating margin of 10.5 percent.
In the second quarter, there has been a 10.5 percent decrease in the sales revenue and the operating margin decreased by 0.9 percent. During this quarter, the weak demands in the Korean domestic market and the labor strikes caused production shortfall which has badly affected the sales.
Hyundai Motor Company plans to improve company fundamentals and strengthen its competency by insisting on qualitative growth based on quality management. Launching strategic models for the local market and reinforcing dealer networks of its overseas sales subsidiaries in Europe are on the card. In U.S, it plans to carry out local marketing activities in order to win over more market share from its rivals. Hyundai Verna and Hyundai Eon have shown good response from the buyers. Hyundai plans to come up with more fuel-efficient and eco friendly cars. Hyundai Motors focuses on increasing the profit margin instead of the expansion.