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

Maruti Suzuki Celebrates 3 Million Vehicle Export Milestone; Aims Higher

Maruti Suzuki India Ltd marked a milestone by exporting its 3 millionth vehicle in a…

13 mins ago

Sectarian Violence In Pakistan’s Kurram District Claims 88 Lives

The death toll from sectarian clashes in Kurram district, located in Pakistan’s northwest Khyber Pakhtunkhwa…

20 mins ago

India Celebrates 75th Constitution Day With Tributes And Resolutions

PM Modi reflected on the Constitution's significance, describing it as a "modern expression of India's…

33 mins ago

India’s iPhone Production Surges To $10 Billion In FY25; Bolstered By PLI Scheme

India's iPhone production hit $10 billion in the first seven months of FY25, according to…

40 mins ago

Delhi’s Air Quality Deteriorates; Several Areas Enter ‘Severe’ Category

Delhi's air quality worsened on Tuesday as the Air Quality Index (AQI) fell into the…

1 hour ago

Joe Biden And Jill Biden Confirm Attendance At Donald Trump’s Inauguration

US President Joe Biden and First Lady Jill Biden will attend inauguration of President-elect Donald…

2 hours ago