Despite the generally positive development, Hyundai Motor misses the forecasts of most economists. In particular, car sales on the South Korean home market are falling sharply.
The business figures of the South Korean automaker 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 made a loss of 188.8 billion won (139 million euros).
The carmaker’s sales rose 4.7 percent in the third quarter of 2021. Hyundai Motors’ total net income from January to September 2021 rose to 4.99 trillion won, from 741.15 billion won 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 are forcing car manufacturers across the world to cut back their production as the reason.
With a decline of 22.3 percent, car sales on the South Korean home market have slumped particularly sharply. Internationally, the company sold 6.8 percent fewer vehicles.
Together with its subsidiary Kia, Hyundai Motor is one of the ten largest automakers in the world.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
