Thursday, October 22, 2009

Hyundai posts record third quarter earnings

Hyundai Motor Company continues to post record profits through the year. Today, the Korean automaker announced it has achieved record third quarter earnings, thanks to stronger than expected new car demand.

Hyundai reported a net profit of $832 million (979.1 billion won) in the third quarter, really an impressive amount of money. This is more than three times the 264.8 billion won the company has earned in the same period of time a year ago. Third quarter profits also beat a 616.3 billion won forecast set by 11 analysts in a Reuters poll.

"These are amazing earnings. The figures reflect Hyundai's increased share in the Asian and North American markets." said Kazutaka Oshima, CEO at Rakuten Investment Management in Tokyo. "

Hyundai expects to continue improving its sales with launching new models such as next generation Hyundai Sonata sedan and completely revamped Tucson crossover, which has been one of the best selling Hyundai cars this year. Hyundai also plans to launch a facelifted i30 hatch in Europe soon.

The automaker also expects to see global demand for new cars growing by up to 5 percent in 2010. A Hyundai executive told that global economy will slowly recover and that means global new car sales would likely grow to 60 million vehicles next year.

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