Hyundai Motor and its affiliate Kia are expected to announce an operating profit exceeding 8 trillion won ($5.7 billion) for the second quarter, driven by improved product mix and production adjustments, according to a survey by Yonhap Infomax on Sunday.
In the April-June period, Hyundai is projected to achieve an operating profit of 4.28 trillion won. Kia, on the other hand, is estimated to report 3.76 trillion won in operating profit year-on-year.
Hyundai and Kia’s second-quarter operating income likely rose 1 per cent and 11 per cent, respectively, from the same period of last year, the survey showed.
Also Read: Centre To Play Important Role In Creating Global 6G Networks Architecture
Analysts attribute the positive results to Hyundai and Kia’s strategic focus on electric vehicles and high-end sport utility vehicles like the GV80, particularly in the US market. The weaker won also played a role, boosting dollar-denominated earnings when converted into local currency.
The dollar rose to an average of 1,370.91 won in the June quarter from 1,314.68 won a year earlier, according to data from the Bank of Korea.
Both automakers expanded their gasoline hybrid model lineup earlier this year amid a slowdown in the global EV market, referred to as the “chasm” phase before widespread EV adoption.
Hyundai’s sales are expected to increase by 4% year-on-year to 43.99 trillion won, while Kia’s sales are projected to rise by 5.6% to 27.7 trillion won for the same period.
YSRCP MP Y. V. Subba Reddy, who was chairman of the Tirumala Tirupati Devasthanam (TTD)…
Khan was arrested on September 2 after the ED conducted a raid at his residence…
The court has prohibited any demolition of constructions on the petitioner's property and scheduled the…
Among those facing scrutiny are actor-turned-CPI(M) legislator Mukesh Madhavan, actors Nivin Pauly and Jayasurya, directors…
Separate boats and Anaconda boats will be made available for the PAC. The tender process…
The explosions, which occurred on Tuesday and Wednesday, targeted pagers and handheld radios and resulted…