Hyundai Motor Co. holiday-quarter profit rose 57% on increased demand for premium-margin SUVs despite overall sales volume down 5%, reports Reuters. The company expects sales in the U.S and China to rise this year, driven by new electric cars and sports utility vehicles (SUVs).
- Hyundai is expected to introduce an EV-only platform that will use its own battery technology to cut time and costs.
- The automaker is also expected to report a 12% sales jump in North America in 2021 despite slipping 2% in the fourth quarter.
- Hyundai aims for a 4.8% increase in market share this year with a lineup of new models expected to be launched in the U.S.
- Sales in China are expected to rise by 28% to hit 562,000, the world’s top car market, and where Hyundai aims to release the electric version of its Mistra sedan this year.
- Last year, Hyundai increased its U.S. market share to 4.4%, helped by sales of the Palisade SUV and Kona EV, despite a 10% fall in sales.
- Sales in the last fourth-quarter hit $1.18 billion, the highest since early 2017.
- Analysts expect a boost to Hyundai’s EV sales this year despite a global recall of Kona Electric due to fires, with luxury cars remaining in a bright spot.
Hyundai stock is currently declining. 005380: KRX is down 3.27%
