Hyundai most profitable quarterly

Hyundai most profitable quarterly

| Source: dpa-AFX | Reading time about 2 minutes.

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SEOUL (dpa-AFX) – VW + 0.41%-Competitor Hyundai earned more revenue in the first quarter of 2022 than a year earlier, despite supply chains disrupted by declining sales. The surplus rose 17 percent to a 1.78 trillion (about 1.3 billion euro) winner, the South Korean industry leader said Monday. Sales increased by 10.6 percent to the winner of 30.3 trillion (22.5 billion euros). Hyundai Motor, which along with its younger sister Kia is one of the top ten car manufacturers, finds itself on the road to achieving its annual goals despite various uncertainties.

South Koreans attributed this success to the steady sale of SUV cars and luxury Genesis designs. Lower seller incentives and better exchange rates contributed to higher sales. Basically, incentives will be reduced by “minimum stock rates”, said a company spokesman. This ultimately increases the operating advantage.

In contrast, Hyundai sales dropped 9.7 percent to 902,945 vehicles in the months of January to March due to a global shortage of chips and components. Exports decreased by 9.7 percent year on year, while domestic exports fell by 7.8 percent.

Hyundai hopes to recover gradually from the effects of the corona epidemic and the shortage of treats, it said. “However, the company expects external uncertainty to continue.” This includes Hyundai disruption in supply chains due to the closure of corona in various Chinese cities as well as declining raw material prices due to the geographical political situation.

As usual, Hyundai announced that it wants to respond to uncertainty by expanding product mixes to more expensive models. Along with Kia, Hyundai wants to cross the threshold of seven million cars again this year, after missing this target in 2021. Hyundai also wants to introduce new electronic structures./dg/DP/mis

Source: dpa-AFX

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