Business

Hyundai, Kia Set to Observe $5.7 Billion Profit In Q2

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.

AddThis Website Tools
Shibra Arshad

Recent Posts

Cabinet Clears Sixth Semiconductor Unit For India; HCL-Foxconn JV To Set Up Plant In Jewar

The Union Cabinet has approved India’s sixth semiconductor plant near the upcoming Jewar airport in…

5 mins ago

Acharya Pramod Krishnam Slams Rahul Gandhi Amid Widespread Praise For Operation Sindoor

Acharya Pramod Krishnam, former Congress leader and head of Kalkidham Peeth, criticised Congress MP Rahul…

24 mins ago

Ajay Kumar Trends After Being Appointed UPSC Chairman: Ex-Defence Secretary Behind Agniveer, CDS Role

In a significant development trending across platforms, the Union Public Service Commission appointed Dr Ajay…

33 mins ago

India Unveils Indigenous ‘Bhargavastra’ To Tackle Drone Swarms With Micro Rocket Precision

SDAL has developed ‘Bhargavastra’, a low-cost advanced system to counter hostile drone swarms using indigenous…

38 mins ago

Smart Eating, Not Starvation: Fitness Coach Shares Top 10 Foods To Reduce Belly Fat

Many see losing belly fat as an uphill battle, often associating it with gruelling workouts,…

1 hour ago

India Blocks TRT World’s X Account Over Growing Disinformation Concerns

In a bid to combat misinformation, India withheld the X account of Turkish broadcaster TRT…

1 hour ago