Hyundai Faces Profit Decline Amid Market Challenges

Hyundai Motor India reported a 16% decline in profit for Q2 2024 due to weak market sentiments and geopolitical factors. Despite lower revenues, Hyundai has maintained profitability through cost control measures and plans to launch the Creta EV to boost market presence.

Hyundai Motor India has announced a significant dip in its consolidated profit after tax, registering a 16% decrease to Rs 1,375 crore for the second quarter ending September 2024. This downturn is attributed to challenging market conditions and geopolitical factors.

Compared to the same period last year, when the automaker posted a PAT of Rs 1,628 crore, the company's total operational revenue also declined to Rs 17,260 crore from Rs 18,660 crore. The company managed to sell 1,91,939 passenger vehicle units, 1,49,639 of which were sold domestically, largely driven by SUV sales.

Despite market challenges, Hyundai has sustained profitability through proactive cost management. Looking ahead, Hyundai plans to launch the Creta EV, aiming to revolutionize the EV market as part of its strategy to drive sustained demand and balanced growth.

(With inputs from agencies.)