Q2 2024 Hyundai Motor Co Earnings Call Transcript
Key Points
- Revenue increased by 6.6% year-on-year to KRW45 trillion.
- Net profit increased by 24.7% year-on-year to KRW4.2 trillion.
- Strong sales in the US market contributed to the overall performance.
- Improvement in product mix, particularly with SUVs and hybrids, boosted profitability.
- Operating profit margin maintained at a high level of 9.5%.
- Operating profit in the automotive division decreased by 1.6% year-on-year due to increased SG&A expenses.
- Eco-friendly vehicle sales saw a 25% decrease in EV sales due to weaker demand.
- SG&A expenses increased by 17.2% year-on-year to KRW5.5 trillion.
- Sales volume in China decreased by 0.2% year-on-year.
- High interest rates and inflation posed challenges for the finance business.
Ladies and gentlemen, thank you for attending this conference call. We will now begin Hyundai Motor company's business results conference call for the second quarter of 2024. Once again the presentation materials can be downloaded from the financials supervisory services for electronic physical system (inaudible) dot water care from our IR website at www.hyundai.com.
Joining us at this conference call are, Senior Vice President of HMC Planning and Finance division, Seung Jo Lee; [John Kim of finance and accounting division] Micheal Yun, Head of Investor Relations teams and Senior Vice President, Head of Planning and Finance in terms of capital, will first touch them on the company's presentation of the business results, followed by a Q&A session with their tech investors.
(Operator Instructions) Now we will proceed with the presentation by Michael Yun, Head of Investor Relations team, Hyundai Motor Company.
So this is Michael Yun,
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