South Korea's Hyundai Motor reported its best quarterly profit in nearly six years, buoyed by strong demand for its high-margin SUVs and luxury Genesis models.
According to Arab Net, Hyundai is one of the world's top ten automakers in terms of sales, with its unit Kia Corp. The company's net profit amounted to 1.8 trillion won (1.57 trillion won). billion) in the April-June period, compared with 227 billion won a year ago.
In contrast, the median forecast of analysts compiled by Refinitiv Smart Estimated was 1.6 trillion won.
Hyundai said in a statement: Sales of SUVs and luxury models of the Genesis brand led the momentum in terms of sales volumes, while the decline in incentives raised revenues and profitability in the second quarter. Thanks to the recovery from the global COVID-19 pandemic, which has boosted demand for cars.
The company's strong results were also supported by the way Hyundai manages its supply chains, which has helped it weather a global chip shortage better than most other automakers, analysts say.
/p>
