Hyundai Motor Q2 Operating Profit 2.9798 Trillion Won... 'Record High' (Update)

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[Asia Economy Reporter Kiho Sung] Hyundai Motor Company posted a surprise performance in the second quarter of this year, exceeding market expectations. The company showed a strong growth in performance, supported by the base effect from COVID-19 and increased new car sales.

On the 21st, Hyundai Motor announced that it recorded sales of 35.9999 trillion KRW (automobiles 28.504 trillion KRW, finance and others 7.4959 trillion KRW) and an operating profit of 2.9798 trillion KRW. This is the first time since the second quarter of 2014 (2.0872 trillion KRW) that Hyundai's quarterly operating profit exceeded 2 trillion KRW.

In the second quarter (April to June) of this year, Hyundai sold 976,350 units in the global market. This represents a 5.3% decrease compared to the same period last year.

In the domestic market, despite strong sales of the Ioniq 5 and newly released SUVs and Genesis models such as the G90, sales decreased by 9.2% year-on-year to 182,298 units due to semiconductor supply shortages and parts shortages caused by lockdowns in some regions of China.

In overseas markets, sales grew year-on-year in the US and European markets centered on eco-friendly vehicles, but overall sales declined by 4.4% year-on-year to 794,052 units due to production disruptions caused by semiconductor and other parts shortages in some other markets.

Sales revenue increased by 18.7% year-on-year to 35.9999 trillion KRW. The improvement in the sales mix centered on Genesis and SUVs, reduction in incentives, and exchange rate effects offset the impact of the overall volume decline, resulting in increased sales revenue.

This content was produced with the assistance of AI translation services.