Hyundai Motor Posts Record Profits for 2003

SEOUL, Korea, Feb. 13, 2004 - Hyundai Motor Co. saw its net income grow 21 percent to an all time high of 1.75 trillion won (US$1.5 bln) from last year’s 1.44 trillion won as record-setting exports offset the protracted domestic sales slump.

Revenues rose by 1.6 percent to 24.97 trillion won while operating profit climbed 39 percent to 2.24 trillion won and the before tax income rose 18 percent to 2.35 trillion won.

Helped by brisk sales of higher margin vehicles, Hyundai’s exports rose 8.9 percent to 1.01 million, accounting for 61.4 percent of the 1.65 million vehicles sold worldwide last year. With Korea’s economy stuck in the doldrums, domestic sales plunged 19.6 percent to 635,269 units.

For 2004, Hyundai is targeting sales of 1.76 million units including 1.05 million overseas. This year’s goal in value terms has been set at 26.9 trillion won in sales revenues and 2.6 trillion won in operating profits.

Established in 1967, Hyundai Motor Co. has grown into the Hyundai Automotive Group which includes Kia Motors Corp. and over two dozen auto-related subsidiaries and affiliates. Employing nearly 50,000 people worldwide, Hyundai Motor posted US$21.94 billion in sales in 2002. Hyundai motor vehicles are sold in 166 countries through 4,504 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available on the Internet at http://www.hyundai-motor.com

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