Hyundai Motor saw record sales last year, despite the economic downturn and a temporary slowdown in demand for electric vehicles, but its operating profit decreased due to more spending on warranties and increased incentives for dealers.

Hyundai, the world’s third-largest carmaker in terms of production, said Thursday that it posted 14-point-24 trillion won, or about nine-point-nine billion U.S. dollars, in operating profit in 2024, down five-point-nine percent on-year. 
 
It also reported record revenue of 175-point-two trillion won, up seven-point-seven percent from the previous year, while its net profit rose seven-point-eight percent to 13-point-two trillion won.

Net profit for the fourth quarter, however, plunged 17-point-two percent year-on-year to two-point-eight trillion won.

Meanwhile, sales stood at 46-point-six trillion won and net income at nearly two-point-five trillion won.
 
Hyundai said for 2025, it has set a sales target of four-point-17 million cars and a sales growth target of three percent to four percent.

Last year, the South Korean automaker sold over four-point-one million vehicles and recorded sales of over four-point-two million vehicles in 2023.