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Hyundai Motor's reports 109% increase in Q1, beating expectations

Hyundai Motor Co reported a 109% increase in first-quarter profit thanks to a rise in vehicle output as a global chip shortage eased

Hyundai, Hyundai Motor

Reuters SEOUL

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SEOUL (Reuters) - South Korea's Hyundai Motor Co on Tuesday reported a 109% increase in first-quarter profit thanks to a rise in vehicle output as a global chip shortage eased and demand for its high-margin sport-utility vehicles remained strong.
Hyundai reported a net profit of 3.3 trillion won ($2.47 billion) for the January-March period versus a profit of 1.6 trillion won a year earlier.
That compared with a Refinitiv SmartEstimate for first-quarter profit of 2.3 trillion won from 16 analysts.
($1 = 1,336.2400 won)
 
(Reporting by Heekyong Yang and Joyce Lee; Editing by Christian Schmollinger)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Apr 25 2023 | 11:21 AM IST

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