Hyundai Motor’s net profit jumped 35 percent after amazing sales of over 4 million cars. In 2011 the earnings reached $6.89 billion, this means a 36.4% operating profit rise to W8.07 trillion won.
Overseas profit increased with 14%, operating profit rose 36.4% because of the more profitable sedans.
The sales of proportion mid-sized sedans in China rose from 9.2% in 2010, to 15.3% in 2011, while the SUVs got from 17% in 2010 to 21% in 2011.
The company set a quarterly record selling 1.11 million cars, when analysts expected a steep decline in demand because of the global economic slump. The exact number of sold cars last year is 4.05 million, 12.4% more than in 2010.
Hyundai is known as South Korea’s largest automaker and also as a great force in the global auto industry.
The maker of the Sonata and Elantra sedans, and also the Tucson SUV, expanded rapidly overseas in India, China, the US, Russia and the Czech Republic. The company will act cautiously and will focus on quality and on consolidating its internal management.
“This means the company will concentrate on raising the profitability of its existing models through various sales tactics,” said Chung Sung-yop, an analyst with Daiwa Securities in Seoul.