Charged EVs | As others cry the blues, Hyundai announces record profit, keeps EV plans on track

Whereas some legacy automakers whine that they can’t make a profit on EVs, and others cling to 20th-century tech similar to hybrids and hydrogen, Hyundai is getting on with the enterprise of promoting EVs—and making a tidy revenue, thanks.

Hyundai Motor, which incorporates the Hyundai, Kia and Genesis manufacturers, lately posted third-quarter monetary outcomes. The Korean automaker introduced a file Q3 working revenue of $2.8 billion, up an eye-popping 146 % from Q3 2022. Working revenue margin reached 9.3 %, greater than double final 12 months’s 4.1 %.

These outcomes are for the Hyundai Motor group as an entire, together with its legacy ICE autos, however the firm cited electrical vehicles as one of many causes for its spectacular progress. The group bought some 169,000 electrified autos (hybrid, PHEV and EV)—a 33 % improve from final 12 months.

The Korean automaker goes ahead with growth plans, which embrace providing as many as 31 EVs by 2030 throughout all three manufacturers.

Search engine optimization Gang Hyun, Hyundai Motor’s VP and Chief Monetary Officer, acknowledged that the EV market could also be going through some short-term headwinds, however mentioned his firm had no plans to delay or abandon any of its EV manufacturing objectives. “We don’t plan to dramatically scale back EV manufacturing or our line-up as a consequence of seemingly near-term hurdles, as we imagine EV gross sales will develop longer-term,” he advised analysts on the current earnings briefing.

The group goals to be producing 1.51 million electrified autos per 12 months in South Korea, and three.64 million per 12 months on a worldwide foundation, by 2030. It’s going to make investments round $18.2 billion on this timeframe to ramp up manufacturing and launch new fashions, together with the Hyundai Ioniq 7 and Kia EV9.

Supply: Reuters by way of InsideEVs