Hyundai Motor logged a record annual operating profit of over 9 trillion won last year, despite the global economic downturn.

During a conference call announcing its performance for 2022 on Thursday, the company said its operating profit reached nine-point-eight trillion won, or seven-point-nine billion dollars, an on-year increase of 47 percent. 

The company sold more than three-point-nine million vehicles, with its net profit increasing by over 40 percent on-year to stand at seven-point-nine trillion won, or six-point-four billion dollars.

An official from the company said demand is expected to remain strong as the chip shortage situation has improved and major markets have low inventory levels, but added that uncertainties remain, such as geopolitical risks and interest rate hikes.