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.

Shibra Arshad

Recent Posts

PM Modi To Hand Over 51,000 Appointment Letters At 16th Rozgar Mela

PM Modi will distribute over 51,000 appointment letters to new government recruits across India on…

2 mins ago

PM Carney Vows To Defend Canadian Economy Against Trump’s Tariff Threat

PM Mark Carney reaffirmed his government’s resolve to shield Canadian industries from the impact of…

54 mins ago

NSA Doval Rebukes Foreign Media Over Misreporting Of ‘Operation Sindoor’

At the 62nd IIT-Madras convention, NSA Ajit Doval condemned foreign media coverage of Operation Sindoor,…

1 hour ago

Gautam Adani: ‘Spine Is Both Medical Miracle & Corporate Necessity For Self-Belief’

Adani Group Chairman Gautam Adani emphasised the significance of the human spine both medically and…

1 hour ago

Still Choosing Each Other: Divyanka-Vivek Celebrate 9 Years Of Togetherness

Divyanka and Vivek celebrate 9 years of togetherness, also sharing a special message that they…

3 hours ago

Anil Kumble Backs Nitish Kumar Reddy; Urges India To Stay Consistent With Team Selection

Former India captain Anil Kumble praised Nitish Kumar Reddy for his impactful performance on Day…

4 hours ago