Hyundai Motor Forecasts Weaker Growth in 2024, Citing Poor Demand and Macroeconomic Concerns

Hyundai Motor, which launched a new tab on Thursday, forecast slower sales growth this year owing to weak demand and economic risks such as interest rates and inflation, posing further obstacles to the car sector.

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Hyundai Motor Forecasts Weaker Growth in 2024, Citing Poor Demand and Macroeconomic Concerns

Hyundai Motor, which launched a new tab on Thursday, forecast slower sales growth this year owing to weak demand and economic risks such as interest rates and inflation, posing further obstacles to the car sector.

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Hyundai, the world’s third-largest carmaker in terms of sales, announced a 31% increase in fourth-quarter earnings

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Hyundai recorded a net profit of 2.2 trillion won ($1.7 billion) for the October-December period, up from 1.7 trillion won the year before.

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It expected an operational profit margin of 8.0 percent to 9.0 percent, consistent with last year.

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Elon Musk, CEO of Tesla, warned on Wednesday that sales growth will drop sharply this year.

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Hyundai’s global EV sales are likely to increase by 12% this year to about 300,000 vehicles, according to Zayong Koo, the automaker’s senior vice president.

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