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News In Brief Auto

Hyundai Motor's Profit increased by 17%

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Hyundai Motor's Profit increased by 17%
26 Apr 2022
6 min read

News Synopsis

On Monday, South Korean car manufacturer, Hyundai Motor informed that in its first quarter, its net profit increased by 17 percent from a year earlier as an enhanced product mix and a weak won assisted in dealing with the impact of chip shortages. The carmaker in a statement said, that its Net profit for the three months ended in March climbed to 1.78 trillion won ($1.42 billion) from 1.52 trillion won a year earlier. Hyundai said, "A combination of increased sales of high-end Genesis and SUV models, friendly exchange rates and low inventory levels helped offset the impact of global chip shortage and higher raw materials prices.”

Yonhap news agency further reported that the South Korean Car company expects parts supply shortages driven by the lockdown in Shanghai and high raw materials costs because of the Russia-Ukraine war will remain major concerns for carmakers in the second quarter. In Hyundai’s earnings conference call, Seo Gang-hyun, executive vice president in charge of Hyundai's finance and accounting division, said, "The company will make efforts to achieve this year's business guidance by taking a variety of measures, despite those global market uncertainties.” This year Hyundai plans to sell 4.32 million vehicles, 10 percent higher than its sales of 3.89 million units a year ago.

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