Hyundai Motor Announces 2016 1Q Business Results
Hyundai Motor Company, South Korea’s largest automaker, has announced its 2016 1Q business results. Sales volume and operating profit decreased whilst sales revenue increased from the same period last year, mainly due to slowing plant operations that increased fixed costs ratios.
Forecast
Hyundai Motor forecasts sales increase in 2Q despite sluggish economy in emerging markets such as Russia and Brazil as markets including the U.S. and China will post strong sales with the All-new Elantra and SUV models.
In addition, Hyundai Motor will continue its efforts in establishing sustainable growth with R&D investment to develop autonomous driving technology and connected-car development as well as securing eco-friendly technology leadership.
Hyundai Motor aims to sell a total of 5.01 million vehicles globally (Korea: 693,000 / overseas: 4,317,000) in 2016. It plans to achieve its goal with SUVs including Creta and Tucson and new models like All-new Elantra. In addition, Hyundai Motor will further develop state-of-the-art technologies within new models such as the IONIQ which is offered in three eco-friendly powertrain (HEV, PHEV, EV) and luxury brand Genesis G90 large luxury sedan.
Hyundai Motor will continue strengthening its cooperation with suppliers and actively carry out Corporate Social Responsibilities to create more values to customers and stakeholders alike. Hyundai Motor also strives to build a more shareholder-friendly environment by increasing transparency and shareholder returns through establishing corporate governance charter.
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