Hyundai Motor has reduced its global sales target for the year from 4,158,300 units to 4 million, a decrease of 158,300 units.
During a conference call on October 29 to announce its third-quarter results, Hyundai explained that the adjustment reflects production declines at domestic plants due to parts supply disruptions, reduced export volumes to major markets, and decreased sales in the Middle East amid ongoing geopolitical uncertainties.
The company also lowered its annual operating profit margin forecast from the previous range of 6.3% to 7.3% to a new range of 5.5% to 6.5%. The impact of strikes that have disrupted production at domestic plants, along with rising raw material costs, has weighed on profitability.
Hyundai stated, "Considering the recent guidance from major global automakers, while there are differences by company and region, the uncertainty in the business environment is expanding. We aim to adjust the operating profit margin to between 5.5% and 6.5% based on changes in the domestic and international business environment, current performance, and future outlook."
* This article has been translated by AI.
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