The company posted a net profit of 13.22 trillion won ($9.2 billion) last year, up from 12.27 trillion won in 2023. Despite the profit boost, operating income slipped 5.9 percent year-over-year to 14.23 trillion won, while sales soared 7.7 percent to a record 175.23 trillion won.
Hyundai attributed the drop in operating profit to the South Korean won’s depreciation against the U.S. dollar late last year.
In the fourth quarter, Hyundai reported a net profit of 2.47 trillion won, a 12.3 percent increase from the same period in 2023. However, operating profit fell 17.2 percent to 2.82 trillion won, even as sales climbed 11.9 percent to 46.62 trillion won.
Hyundai’s 2024 success was driven by a sharp rise in electric vehicles (EVs) sales, which climbed 8.9 percent to 757,191 units. This included 218,500 EVs and 496,780 hybrid EVs.
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