Hyundai Quadruples Fourth Quarter Profit
Hyundai’s fourth quarter profit quadrupled over last year’s fourth quarter results, reports Bloomberg, as net income hit $822m, up from $210m in the same period last year. Operating profit rose 44 percent to $722m. This comes despite an increase in the value of the Won, which has reduced profit on Hyundais exports, which make up half the firm’s revenue. And unlike other automotive firms reaping surprise year-end profits (like Ford), Hyundai’s gains come from increased sales rather than cost-cutting. Hyundai’s overall sales rose 14 percent to 3.2 million units last year, driven by growth in the US and Indian markets. Hyundai finished 2009 with just over five percent of the world market. Hyundai expects sales to rise 11 percent in 2010, and the firm is looking to take advantage of Toyota’s weakness by offering conquest incentives like those now offered by GM, Ford and Chrysler.
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Is there any reason to buy a Corolla, Yaris or Camry nowadays over a Hyundai other than brand loyalty based on cars built 10- 20 years ago? Hyundai will take over the appliance car market in the next few years if they keep their prices where they are now
Cammy, you are right - for the UK. Here in the states, newer Hyundais don't depreciate any faster than Big-3 non-discontinued makes, which still make up a large portion of the market (at least, away from the east and west coasts, anyway). Kias do depreciate faster than Hyundais, but even that is improving, along with their quality (which is lagging behind Hyundai but is catching up somewhat as time goes by). Older Hyundais and Kias to depreciate more than average. This is, as I say, improving - along with the quality of the cars (can't be a coincidence). rockit, I can't "post" the link to the story I read since it was not online, but was a written article in Automotive News, though I do possess a copy of it at home - somewhere. I guess you'll either have to take my word for it, or not. Since I don't work for Hyundai (or any other car company) I'd like to know why the suspicion as to my comment? I suppose you don't know me personally, and that's it. But - there is no reason for me to lie. The story was convincing enough for us to obtain two new Sonatas and we've had virtually zero problems over 3 years with these two four cylinder cars with the engine in question. The 2011 Sonata with this engine even has direct injection and nearly 200hp, with improved MPG's. You don't have to believe me on this point - Hyundai's letting the world know this all by themselves just fine.
"...take advantage of Toyota’s weakness by offering conquest incentives like those now offered by GM, Ford and Chrysler." Chrysis?? PFFFT! Amusing. I'll still take my chances in a Camry, thanks.