Hyundai's Global Sales Rise 6.8 Percent in 2008 but Profits Drop

Despite the slowing global economy in the second half of 2008, Hyundai saw its sales rise 6.8 percent year-over-year to 2,796,370 units. South Korea's largest automaker also saw its sales revenues in the 2008 calendar year rise 5.1 percent to 32.19 trillion won. However, the firm's profitability declined by 13.9 percent to 1.448 trillion won from a year earlier while operating profit also dropped by 3.5 percent to 1.877 trillion won. Hyundai said that the decline was "due to higher marketing, dealer and brand development expenses which are needed to secure future competitiveness."