Hyundai Motor falls short of expectations

Released on 26.10. 2021

  • Hyundai Motor, together with its subsidiary Kia, is one of the ten largest automakers in the world. Photo: Sven Hoppe

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Despite the generally positive development, Hyundai Motor misses the forecasts of most economists. Car sales in the South Korean home market in particular are falling sharply.

Seoul (dpa) – The business figures of the South Korean car manufacturer Hyundai Motor fell slightly short of expectations in the third quarter.

As the company announced, it achieved a balance sheet profit of 1, 49 trillion won (around 1.1 billion euros). In the same period last year, Hyundai Motor had a loss of 139, 8 billion won (139 million euros).

The carmaker’s sales increased in the third quarter 2021 by 4.7 percent. Hyundai Motors total net income from January to September 741 rose to 4, 99 trillion won (3.7 billion euros), after 741, 15 Billion Won (548 million euros) a year earlier.

Despite the generally positive development, Hyundai Motor still misses the forecasts of most economists. The company cited the global supply bottlenecks for important components such as semiconductors for chips, which is forcing automakers across the world to cut back their production.

With a decline of 22, 3 percent car sales in the South Korean home market fell particularly sharply. Internationally, the company sold 6.8 percent fewer vehicles.

Hyundai Motor, together with its subsidiary Kia, is one of the ten largest automakers in the world.

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