Hyundai Motor Posts Record 2024 Sales of 175.23 Trillion Won as Net Profit Rises 7.8% to 13.22 Trillion Won
Hyundai Motor Company has announced its annual results for 2024: sales reached a record 175.23 trillion won, up 7.7% year on year, while operating profit declined 5.9% to 14.23 trillion won. Net profit grew 7.8% to 13.22 trillion won (about US$9.2 billion), supported by rising global demand for eco-friendly vehicles. Together with Kia, the group's combined 2024 operating profit is expected to exceed the record set by the two affiliates in 2023.
FY2024 results: record sales, operating profit down 5.9%
SEOUL, January 23, 2025 — Hyundai Motor Company has published its operating results for the full year 2024. The company closed the year with the highest annual sales in its history, while profitability was pressured by currency movements and higher provisions. Corporate announcements and investor materials of the company are published on its website at https://www.hyundai.com/.
The key reported figures for the full year 2024 are as follows:
- sales — 175.23 trillion won, a record annual level, up 7.7% year on year;
- operating profit — 14.23 trillion won, down 5.9% year on year;
- net profit — 13.22 trillion won (about US$9.2 billion), up 7.8% year on year.
The combination of a record top line and a double-digit-scale profit base means that 2024 became one of the strongest years in the company's history by revenue, even though the operating result moved in the opposite direction to sales.
Why operating profit declined
The 5.9% decrease in operating profit to 14.23 trillion won is attributed to two factors: the depreciation of the won and increased warranty provisions. Both weighed on the operating margin despite the 7.7% growth in sales, so the record revenue did not translate into a record operating result.
Net profit up 7.8% on eco-friendly vehicle demand
Net profit for 2024 rose 7.8% year on year to 13.22 trillion won, equivalent to about US$9.2 billion. The increase was driven by growing global demand for eco-friendly vehicles, which supported the earnings line even as operating profit contracted. The gap between the directions of operating and net profit underlines the role of the eco-friendly segment in the company's 2024 earnings mix.
Group context: Hyundai and Kia combined
An earlier preview of the annual reporting season, published on January 16, 2025, outlined the combined expectations for Hyundai Motor and Kia. The two affiliates were forecast to finish 2024 above their previous joint record:
- combined 2024 sales of Hyundai Motor and Kia — 279.96 trillion won (forecast);
- combined 2024 operating profit — 27.64 trillion won (forecast), against the combined record of 26.73 trillion won set in 2023;
- Kia's sales — expected to exceed 100 trillion won for the first time.
Against this backdrop, Hyundai Motor's own record sales of 175.23 trillion won form the larger part of the group's combined top line, while the combined operating profit forecast of 27.64 trillion won points to a new joint record for the two affiliates relative to 2023.
Company information
Company: Hyundai Motor Company
Contacts: Hyundai Motor Investor Relations, Seoul; media enquiries via https://www.hyundai.com/worldwide/en/
Company website: https://www.hyundai.com/
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