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

Manoj Tiwari Applauds Armed Forces And Lauds India’s Decisive Stand Against Terror

Manoj Tiwari, has hailed India’s robust response to terrorism and expressed deep admiration for the…

7 hours ago

Dr Rajeshwar Singh Meets CM Yogi Adityanath; Seeks Support For Sarojininagar Development

Dr Rajeshwar Singh met Uttar Pradesh CMYogi to review ongoing development initiatives and seek support…

8 hours ago

PM Modi Reviews Progress Of TB Eradication Campaign; Launches 100-Day Action Plan

PM Modi chaired a high-level meeting in New Delhi to assess the ongoing progress of…

9 hours ago

Moeen Ali: Virat Kohli’s Retirement Big Blow To Test Cricket; It’s Boost For England

Former England all-rounder Moeen Ali has called Virat Kohli’s retirement from Test cricket a 'massive…

9 hours ago

Jamia Millia Islamia Holds Tiranga March In Support Of ‘Nation First’ Campaign

Jamia Millia Islamia (JMI) on Monday held a grand Tiranga March to commemorate ‘राष्ट्र प्रथम…

9 hours ago

Vicky Kaushal Pays Tribute To Armed Forces; Hails Bravery During Operation Sindoor

Vicky Kaushal, who has recently risen to greater prominence following the success of his latest…

10 hours ago