Hyundai posts the highest profit in four years
Global sales rose 11% in the quarter, with exports to China and India jumping 48% and 44%, respectively
Stocks impacted: Hyundai Motor Co (005380)
Hyundai Motor Co.'s first-quarter net profit nearly tripled from a year earlier due to solid demand for high-margin cars. Net profit jumped to 1.522 trillion Korean won ($1.36 billion), compared with KRW552.68 billion a year earlier. Revenue rose 8.2% to KRW27.391 trillion while operating profit jumped 92% to KRW1.657 trillion. Hyundai Motor's global sales rose 11% in the quarter, with exports to China and India jumping 48% and 44%, respectively. Sales in South Korea rose 17%. However, shipments to the U.S. and Russia fell 3.6% and 11%, respectively. The South Korean automaker also said that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. Hyundai Motor's shares traded nearly 2% higher after the quarterly earnings announcement but finished just 0.22% higher.
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