Hyundai carmaker once again benefited from strong demand for Hyundai SUVs in the second quarter. The VW rival also played currency effects in the cards, as the group announced on Monday in South Korea’s Seoul.
Hyundai exceeds the expectations of analysts
The operating profit in the months of April to June rose in comparison to the same period last year by 30 percent to just under 1.24 trillion won (939 million euros). After Hyundai had previously struggled for several quarters in a row with profit slumps, put the company for the second time in a row. Hyundai exceeded analyst expectations. Shareholders’ net income was $ 920 billion, up from $ 701 billion a year earlier.
Hyundai City Land Rover: Palisade and Sonata record sales increases
In terms of sales, Hyundai recorded a plus of nine percent to almost 27 trillion won. Above all, the strong increase in sales of the city SUV Palisade and the newly launched model Sonata played the Koreans in the cards. In South Korea, the palisade is in high demand, in the US, he went in June in the sale.
Financial market is split
The financial market received mixed news. On the stock exchange in Seoul the price of the Hyundai share after initial profits turned over one percent into the minus. While operations outperformed analysts’ expectations, net income was lower than expected.
New models are expected to generate profits in the long run
The Group expects the launch of many new models including electric cars in the long term lasting profits. Hyundai is under pressure to rebuild its China business, which suffers from low profitability and stricter environmental regulations. In the second quarter, sales of the South Koreans in the world’s largest car market again suffered from weak demand.