South-Korean car maker Hyundai Motor Co. reported a third-quarter profit increase of 21 percent to $1.7 billion, helped by solid worldwide Sonata sedans and Tucson SUVs sales, despite global economic uncertainty.
According to company’s third quarter figures, net income increased to $1.7 billion compared with $1.41 billion won a year earlier and global sales reached 991,706 vechicles (+9.6% from a year earlier).
The company sold 3 million vehicles for the first 9 months of 2011 and has the target to sell a total of more than 4 million vehicles until end year due to production increases from markets like China. Accordint to the analysts, Hyundai’s 2011 gains are likely to outstand those of Japan’s Toyota Motor Corp.
“We aim to sell about 7 million vehicles next year. We expect to reach (the target) should we run our factories at full capacity,” Chung Jin-haeng stated recently for Reuters, adding that the sales target has not been finalized.
During Jan-Sept period, Hyundai’s sales increased from a year earlier on all the markets, from 7.3% in Korea (510,000 vehicles), 9,4% in Europe, 12% in China (553,000 vehicles) and reaching a maximum of 20% increase in U.S. market.
“Europe’s debt crisis has not disappeared until now, and concerns over the possible U.S. double-dip recession still lingers,” Lee Won-Hee, vice president of Hyundai Motor, stated during a conference call.
Hyundai, together with affiliate Kia Motors, are on the fifth place worldwide regarding auto sales. They gained market share from Japanese and U.S. competitors even during the global economic crisis due to their affordable, quality models that were in line with the demands of the cost-conscious consumers.