Hyundai Motor posts record '09 profit, outlook bright

Hyundai Motor Co., South Korea's top automaker, said Thursday it posted record profits last year on the back of favorable exchange rates and robust gains in its market share in the United States and China.

The near-term outlook for Hyundai is bright with the Korean currency unlikely to significantly strengthen anytime soon and Japanese rival Toyota Motor Corp. coming under pressure over massive recalls in the U.S., analysts say.

Meanwhile, as the global auto industry is still struggling to emerge from its worst slump in decades, Hyundai has maintained momentum because of growing sales in the U.S. and a strong presence in China and India.

Lee Won-hee, chief financial officer at Hyundai, said the company expects to continue expanding its market share in the U.S.

"In the U.S. market, we expect to increase our share to 4.6 percent this year from 4.2 percent last year," Lee told investors during a conference call.

He added that Hyundai's global market share rose to 5.2 percent last year from 4.2 percent in 2008. This year, Hyundai is targeting 5.4 percent of the global market, Lee said.

Investors cheered Hyundai's stellar results. Shares of Hyundai Motor rallied 4.13 percent to close at 113,500 won (US$98.6) on the Seoul bourse.

The South Korean maker of the popular Sonata sedan and Elantra compact car earned 2.96 trillion won in 2009, compared with a net profit of 1.44 trillion won in 2008, the company said in a regulatory filing.