SEOUL - Motor Co., citing strong sales at home and in the U.S. market, reported record profit and revenue for 2000.
Excluding results from its Kia Motors subsidiary, said net income surged 61.1 percent to 668 billion won, or about $530 million at current exchange rates, on revenue of $14.5 billion, up 28 percent.
Worldwide unit sales jumped 22.8 percent to 1,513,773 units, driven by strong demand for new models, such as the XG luxury sedan and Sante Fe sport-utility. Overseas shipments rose 28.7 percent to 821,079, while sales at home reached 692,694 units, up 16.4 percent.
Much of the improved export performance reflects rocketing demand for cars in the U.S. market. Hyundai's U.S. sales last year surged 49 percent from a year earlier to 244,400 units, and the company is forecasting a 27 percent increase this year.
However, analysts warn that 2001 will be a much more difficult year for the company because of projected sales declines at home and in the U.S. and European markets.
'We're looking for an 8.5 percent slide in domestic demand this year,' said Mark Barclay, an auto industry analyst with Samsung Securities Co. Ltd. in Seoul. 'Consumers are nervous and keeping a tight leash on spending, and inventories are rising.'