Dive Brief:
- Hyundai Motor Co. sold 4.1 million vehicles globally in 2024, a 1.8% year-over-year decrease, the company reported in its full-year and Q4 business results on Jan. 23.
- The automaker's Q4 revenue jumped 11.9% YoY to 46.62 trillion won ($32.5 billion), with an operating margin of 6.1%.
- The U.S. market was one of Hyundai’s biggest global sales regions, with retail sales of 988,000 vehicles in 2024, a YoY jump of 9%, according to its regulatory filing. However, the automaker said its YoY operating income fell by 17.2% in Q4 due to higher warranty costs and bigger incentives to boost sales.
Dive Insight:
Despite the slight global sales volume decline, Hyundai’s annual revenue increased by 7.7% to 175.2 trillion won ($122.1 billion).
In North America, Hyundai reported sales of 1.1 million vehicles in 2024, a YoY increase of 5.6%. The popular SUV segment accounted for roughly 75% of the automaker’s 2024 U.S. sales volume of 988,000 vehicles.
Hyundai also continues to grow its electrified vehicle sales, including pure electric and hybrid models. Eco-friendly models accounted for 22.1% of the U.S. automaker’s sales volume in Q4, with hybrid models accounting for 16.2% of the segment.
For the full year, the combined sales of eco-friendly models in the U.S. jumped 24.4% to 217,000 units, with sales of pure EVs down slightly as consumers opt for more affordable hybrid models.
But like other legacy automakers, Hyundai is experiencing shrinking market share in China, the world’s biggest auto market. The automaker’s Q4 vehicle sales in China fell by 53.3% YoY to 31,000 units. For the full year, Hyundai reported a 35.6% sales decline in the China market down to 244,000 vehicles.
Vehicle sales in Hyundai’s home market of South Korea also decreased 4.6% in Q4 and by 7.5% for the year. The company cited a demand slowdown and supply chain disruptions caused by heavy snowfall for the decline. In Europe, Hyundai’s vehicle sales were down by 2.4% in 2024.
Hyundai also released its consolidated financial guidance for 2025, which includes a sales target of 4.17 million vehicles globally and annual revenue growth between 3% and 4% from 2024. The automaker also forecasts an investment total of $11.8 billion and an operating profit margin between 7% and 8% this year.
