Although 2009 was a down year for many automakers, Hyundai has announced a $728 million operating profit for the last fourth quarter of last year. Hyundai’s record quarter was fuel by strong demand for its fuel-efficient small cars.
According to Reuters, Hyundai posted a $728.4 million operating profit during Q4 of 2009, representing a 44 percent increase over the same quarter a year earlier. Hyundai’s performance was also 15 percent stronger than most industry forecasts.
Additionally, Hyundai saw a near four-fold increase in net profit to $822.7 million during the fourth quarter, also trumping most industry forecasts.
Hyundai is expected to carry its momentum well into 2010, especially given Toyota ’s recent recall troubles. However, unlike GM, don’t expect Hyundai to use Toyota’s sales stoppage as an avenue for grabbing current Toyota customers. “It is undesirable to link our strategy to the Toyota problems,” Park Don-wook, a senior vice president in Hyundai’s treasury division, told analysts.
Hyundai expects to boost it sales 11 percent to 3.46 million units this year.
