Hyundai Motor has announced an upward revision to its revenue expectations for 2024, despite ongoing challenges posed by U.S. tariffs that have compelled the automaker to adjust its anticipated operating profit margin for 2025. The company’s new targets indicate an operating profit margin for this year of between 6% and 7%, a decrease from the earlier forecast of 7% to 8%. Meanwhile, Hyundai is expecting a revenue increase of 5% to 6%, representing a growth of 2 percentage points compared to 175.2 trillion South Korean won (approximately US$12.7 billion) in 2024.
This announcement comes as Hyundai prepares for its upcoming CEO investor day, a significant event set to take place in New York City. This marks the first time the automaker will hold the event outside of South Korea, coinciding with the inaugural participation of CEO Jose Munoz, who assumed leadership of the company at the start of this year.
In addition to financial projections, Hyundai reaffirmed its ambitious growth strategy, which aims to boost annual sales to 5.55 million units by 2030. This figure represents a substantial increase—around 34%—from the 4.14 million units sold globally last year.
However, the timing of the investor event is less than ideal given recent tensions related to U.S.-South Korea relations. A significant incident occurred earlier this month involving a large-scale immigration raid at a battery plant in Ellabell, Georgia, jointly owned by Hyundai and LG Energy Solution. On September 4, approximately 475 workers were arrested, including over 300 South Korean nationals, prompting discussions between U.S. and South Korean officials about the situation.
This raid was recorded as the largest single-site enforcement operation in the history of the U.S. Department of Homeland Security, executed due to suspicions regarding the workers’ visa statuses or immigration conditions. Many of those detained were subsequently sent home via a chartered flight, as negotiations unfolded between both nations’ authorities.
As Munoz prepares to address investors, the backdrop of these challenges looms large, complicating the company’s growth aspirations. Despite these hurdles, Hyundai remains focused on its strategic goals and the path ahead.
