Hyundai Motor Company (OTCPK:HYMTF) Q3 2024 Results Conference Call October 24, 2024 1:10 AM ET
Company Participants
Michael Yun – Head, Investor Relations
Seung Jo Lee – Senior Vice President and CFO
Lee Gyusuk – Senior Vice President
Conference Call Participants
Eun Young Yim – Samsung Securities
Kyung Jae Hwang – Merrill Lynch Securities
Yongkwan Moon – Shinyoung Securities
Michael Yun
Hello. This is Michael Yun, Head of IR team. Welcome everyone to Hyundai Motor Company’s 2024 Q3 Business Results Conference Call. On behalf of Hyundai Motor Company, I appreciate your time for participating in today’s call. Please refer to the presentation HMC 2024 Q3 Business Results on our IR website. Today’s presentation consists of two parts, sales summary and financial summary. For more information, please refer to the appendix page.
First part is sales summary. Our 2024 Q3 global wholesale decreased by 3.2% year-on-year to 1,011,800 units, while retail sales decreased by 3.1% year-on-year to 988,594 units. In the third quarter, our global wholesale decreased slightly compared to the previous year. However, excluding China, our Q3 wholesale was comparable to previous year. In the domestic market, sales increased by 1.8% compared to the previous year, driven by the EV sales improvement as the launch of Casper EV and increase in hybrid demand.
On the next slide, we have a 9.3% increase in sales, driven by continued strong sales of high-margin vehicles. The US market witnessed increased sales of hybrids and SUVs with growth rates of 71.3% and 4.7% respectively, compared to the previous year, boosted by increase in demand of overall hybrids models, including Tucson, Santa Fe, Aventi and Sonata.
In Europe, although hybrid sales increased by 20.9% compared to last year, driven by strong sales of Santa Fe, KON and Tucson Facelift hybrids, sales decreased by 9.5% compared to the previous year on a
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