Hyundai Motor is proving that electric vehicles (EVs) can be profitable. The Korean automaker recently reported a record third-quarter operating profit of $2.8 billion, up an impressive 146 percent from the same period last year. Operating profit margin reached 9.3 percent, more than double the 4.1 percent from the previous year.
Hyundai Motor’s success is due in part to its commitment to EVs. The group sold 169,000 electrified vehicles (hybrid, PHEV and EV) in the third quarter, a 33 percent increase from the same period in 2022. Hyundai Motor plans to offer as many as 31 EVs by 2030 across all three of its brands: Hyundai, Kia and Genesis.
The company is investing around $18.2 billion to ramp up production and launch new models, including the Hyundai Ioniq 7 and Kia EV9. Seo Gang Hyun, Hyundai Motor’s VP and Chief Financial Officer, said that despite near-term hurdles, the company has no plans to reduce EV production or its line-up. “We believe EV sales will grow longer-term,” he said.
Hyundai Motor’s success stands in stark contrast to other legacy automakers who are struggling to make a profit on EVs and clinging to 20th-century tech such as hybrids and hydrogen. Hyundai Motor’s impressive financial results show that EVs can be profitable and that the future of the auto industry is electric.
FAQ
Q1: Are electric car batteries recyclable?
A1: Yes, electric car batteries are recyclable.
Q2: Are electric car chargers free?
A2: It depends on the charger and the location. Some electric car chargers are free, while others may require a fee.
Q3: Can electric car batteries be rebuilt?
A3: Yes, electric car batteries can be rebuilt with the right tools and knowledge.
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