Hyundai has released details of its last year’s performance indicating rise in 2008 sales. The sales revenue rose 5.1% to 32.19 trillion won helped by a richer product mix and the sharp depreciation of the Korean won against major currencies.

However, the Profitability of Hyundai declined by 13.9% to 1.448 trillion won from a year earlier.Operating profit dropped by 3.5% to 1.877 trillion won due to higher marketing, dealer and brand development expenses.

“The rate of decline was abated by widely implemented cost-cutting efforts and continuous efforts to diversify the settlement currency. By prudently diversifying its global sales footprint, the company isn’t overly affected by the economic volatility of any one region,” a statement said.

It added that it expected sales momentum to continue to build with the launch of the i20. Used car market and motor industry analysts CAP say the i20 will retain a greater percentage of its original value after three years than a plethora of highly-regarded rivals. This includes those renowned for holding their value such as the VW Polo and Toyota Yaris, as well as big players like the Vauxhall Corsa, Peugeot 207 and even the new Ford Fiesta. The newly launched i10 and i30 were well received.

In China, Hyundai registered 27.1% growth in sales, whereas in eastern Europe, the Middle East, Latin America and other developing markets, Hyundai registered 19.5% growth.

Source: Just Auto