Hyundai Motor Company has set a new revenue record last year by exceeding 100 trillion won for the first time since its founding. The automaker has become the second South Korean manufacturer to have exceeded an annual revenue of 100 trillion won, following Samsung Electronics’ record back in 2008.
According to the South Korean automaker on Wednesday, Hyundai Motor’s sales and operating profit in the fourth quarter of last year were estimated at 27.868 trillion won and 1.243 trillion won respectively, which translates into 105.79 trillion won and 3.684 trillion won in annual sales and operating profit. Thanks to the popularity of highly profitable SUVs, such as the Palisade, and favorable won-dollar exchange rate, the company’s operating profit soared by 52.1 percent year-on-year. The last time the company’s operating profit exceeded one trillion won was the fourth quarter of 2016.
Kia Motors has also published its estimated sales and operating profit for last year at 58.146 trillion won and 2.009 trillion won, respectively.