Shifting Samsung, Hyundai Is Korea's Highest Profit Company

JAKARTA - Thanks to the soaring sales of his car line, Hyundai became the company with the highest profits in Korea.

Hyundai Motor Company recently announced its sales achievement in the first quarter of 2023, with a net profit of 3.3 trillion won (2.47 billion US dollars) for the January-March period compared to a profit of 1.6 trillion won in the same period the previous year.

This advantage was achieved thanks to car sales which continued to increase by 13.2% from the previous quarter or managed to sell 1,021,712 cars worldwide for the January-March period.

According to the Korea Times, Tuesday, April 25, Hyundai's achievement is also supported by increasingly strong sales of the Genesis brand. Genesis managed to sell nearly 66,000 electric vehicles in the first quarter, an increase of 48% from the previous year.

Hyundai hopes to maintain strong sales growth in the future by presenting innovative new products. They plan to launch several new models in the near future, including the Ioniq 7 electric-powered SUV which is scheduled for release in 2024.

However, even though Hyundai has won a huge net profit, they are still facing several challenges in the future. Competition in the automotive market is getting tighter, especially from competitors like Tesla and Toyota who also have a strong electric car product line.

For this reason, reported by Carscoops, Wednesday, April 26, Hyundai continues to make significant investments in the electric vehicle space. One of them is a plan to build an EV battery cell factory in Georgia, USA in collaboration with SK On, the fifth largest EV battery supplier in the world.

Hyundai Motor, Kia, and Hyundai Mobis first announced a deal with SK On in November 2022 with the aim of securing EV battery supplies for the North American market.