Sales volume and sales revenue of the automaker leaped while operating profit declined from the same period in 2015, mainly due to weak cross currencies, increased promotional activities due to heightened competition amongst automakers and profit decline from non-auto business.
The auto giant claimed it sold 64.96 million units worldwide throughout last year.
Hyundai Motor forecasts that an unfavourable business environment is likely to continue this year.
Emerging markets including China will continue posting slower growths. Also growing geopolitical risks and low oil price will lengthen economic stagnation, leading to steeper competition amongst automakers.
Nevertheless, Hyundai Motor will continue its efforts in establishing sustainable growth with R&D investment to strengthen state-of-the-art technology development and securing eco-friendly technology leadership. Hyundai Motor aims to sell 5.01 million vehicles globally.
It plans to achieve its goal with new model like All-new Elantra, Brand-new IONIQ offered in three eco-friendly powertrain (HEV, PHEV, Full-EV) and Hyundai Motor’s luxury brand Genesis G90 (EQ900 in Korea) large luxury sedan in 2016 to major global markets.
Hyundai Motor will continue strengthening its cooperation with suppliers and actively carry out Corporate Social Responsibilities to create more values to customers and stakeholders alike.
