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Hyundai Q2 profit rose to 56%, 1.88mn vehicles sold in first 6 months

In just 6 months, the company has sold a total of 1.88 million vehicles, achieving 43% of its sales target of 4.34 million units for the year

SNS | New Delhi |

On Thursday, South Korean automobile giant Hyundai Motor said that company’s profit has jumped 56% in Q2, from a year earlier on improved product mix and a weak win.

Hyundai Motors’ net profit in June rose to 3.08 trillion won (US$2.34 billion) in comparison to the same period of last year’s 1.98 trillion won, the company said in a statement.

In just 6 months, the company has sold a total of 1.88 million vehicles, achieving 43% of its sales target of 4.34 million units for the year.

The Q2 bottom line was sustained by sales of Hyundai’s independent brand Genesis models, incentives, and the won’s weakness against the dollar, reports Yonhap news agency.

The dollar has escalated to an average of 1,259.57 won in Q2 from 1,121.23 won a year ago, according to the Bank of Korea.

Factors like these balanced the carmaker’s production losses derived from a prolonged semiconductor shortage and disruptions of parts supplies, Hyundai said.

Looking ahead, Hyundai said that raw material prices are going high due to the ongoing Russia- Ukraine conflicts, the re-emergence of the Covid-19 pandemic, and inflation amid rising interest rates will remain uncertainties for the automobile industry.

Hyundai’s Operating profit soared 58% to 2.98 trillion won in the June quarter from 1.89 trillion won a year ago. Sales were up 19% to 35.99 trillion won from 30.33 trillion won.

From January to June, net profit climbed 39% to 4.86 trillion won from 3.50 trillion won in the year-ago period.

Operating profit also jumped 39 percent to 4.91 trillion won in the first six months from 3.54 trillion won. Sales gained 15 percent to 66.29 trillion won from 57.72 trillion won.

(Inputs from Ians)