Q3 2024 Hyundai Motor Co Earnings Call Transcript
Key Points
- Hyundai Motor Co (HYMTF) reported a 4.7% year-on-year increase in revenue to KRW43 trillion for Q3 2024.
- North American sales saw a significant increase of 9.3%, driven by strong demand for high-margin vehicles.
- Hybrid vehicle sales increased by 45.4% year-on-year, with notable growth in the US and Europe.
- Hyundai Capital's operating profit increased by 13.6% year-on-year, supported by strong asset growth and improved returns.
- The company maintained a strong operating margin of 8.3% despite challenging market conditions.
- Global wholesale and retail sales decreased by 3.2% and 3.1% year-on-year, respectively.
- Operating profit decreased by 6.5% year-on-year to KRW3.6 trillion, impacted by increased incentives and SG&A expenses.
- EV sales declined by 8.1% due to weakened demand, despite a recovery from the first half of the year.
- The company faced a one-time warranty cost of KRW319 billion due to a proactive warranty extension for the GRAND SANTA FE in the US.
- Sales in Europe decreased by 9.5% on a wholesale basis, attributed to weaker demand for EVs.
Good afternoon, everyone. Thank you for attending this conference call. We will now begin the Hyundai Motor Company's business results conference call for the third quarter of 2024. Once again, the presentation materials can be downloaded from the financial supervisory services electronic disclosure system at dart.fss.or.kr or from our IR website at www.hyundai.com.
Joining us at this conference call are Senior Vice President, Seung Jo Lee, Head of Planning and Finance Division; Senior Vice President, Zayong Koo from IR group; Vice President, Jongsun Kim, our Finance and accounting sub division; Michael Yun, the Head of Investor Relations team; and Senior Vice President, Hyung-Seok Lee, the Head of Planning and Finance Division of Hyundai Capital.
We'll first have Hyundai Motor Company's presentation on the business result, followed by Q&A session with the attending investors. (Operator Instructions) Now we will proceed with the presentation by Michael Yun, the Head of Investor Relations team at Hyundai Motor Company.
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