Hyundai Motor reports Q3 2022 results, reflecting 27% increase in electric sales globally

Sales of 100% electric vehicles rose 27% year-on-year globally to more than 52,000 units

Hyundai Motor has released its Q3 2022 results, highlighting a revenue increase of more than 30% year-on-year to KRW 37.7 trillion.

In more detail, Q3 operating profit reached KRW 1.55 trillion and net profit KRW 1.41 trillion. The operating profit margin remained at 4.1%, they said: “weighed down by quality-related warranty provisions”. From the company, they comment:

“Strong sales of a better mix of Genesis luxury and SUV models, coupled with a favourable currency environment, helped maintain profitability in the period.”

Vehicle sales for the period were 1,025,008 units, up 14% from last year, they say, thanks to improved component supply. Sales of all-electric models rose 27% year-on-year to more than 52,000 units, accounting for 5.1% of its total sales volume.

With sales of the Hyundai IONIQ 5 up, the increase in sales is said to be mainly due to sales of the newly arrived IONIQ 6 and Genesis GV60. In Europe, production of the IONIQ 6 will begin later this year.

In the first nine months of 2022, Hyundai’s global sales amounted to 2,904,049 units, while revenues reached KRW 104.4 trillion.


In Europe, Hyundai Motor recorded a market share of 4.8% in the same period, up 0.6 percentage points compared to the same period in 2021. Hyundai Motor Europe President and CEO Miguel Cole said:

“These figures highlight the progress Hyundai’s broad range has made in Europe, especially considering the challenges currently facing the entire industry. We continued to extend our leadership in electrification when we introduced the IONIQ 6.

Our electrified Streamliner will not only further diversify our sales mix, but also appeal to new audiences. While Hyundai is not immune to industry trends, we will strive to remain at the forefront of the zero-emission transition.”

The company sold 395,649 units in the EU, EFTA and UK in the first three quarters of 2022, up 3.2% year-on-year, with significant growth in Spain and the UK, with sales up 14% in the first nine months of the year in the Spanish market, with a record market share of 7.5% (up 1.4 percentage points on 2021).

Electric vehicles account for 16% of Hyundai’s total sales in Europe, with sales of 64,192 units. Hyundai’s best-selling electric vehicle in Europe continues to be the KONA EV, which has sold 30,981 units since January this year. The IONIQ 5 continues to be in high demand, with 28,014 units sold between Q1 and Q3 2022.

The company has raised its consolidated revenue growth forecast to 19-20% from 13-14%. Also, the annual consolidated consolidated operating profit margin is expected to grow to 6.5-7.5% from 5.5-6.5%. However, Hyundai Motor has readjusted its annual global sales estimate to 4.01 million units from 4.32 million units, given the instability of supply.

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