Hyundai sells 1.88 million automobiles in the first half of 2022

21 Jul 2022 , 02:51 PM

On account of an improved product mix and a weak won, Hyundai Motor reported a 56 percent increase in second-quarter net profit over the same period last year.

According to a statement from the firm, net profit increased from 1.98 trillion won to 3.08 trillion won (US$2.34 billion) over the same time last year. Hyundai sold 1.88 million cars in total during the six-month period, exceeding 43% of its annual sales goal of 4.34 million automobiles.

According to the Yonhap news agency, improved sales of Hyundai’s independent brand Genesis cars, fewer incentives, and the weaker won versus the dollar helped the second-quarter bottom line.

In the second quarter, the dollar increased from an average of 1,121.23 won a year earlier to 1,259.57 won. Such elements, according to Hyundai, assisted in offsetting the automaker’s production losses brought on by a protracted chip shortage and interruptions in part supply.

According to Hyundai, future challenges for the care sector include inflation amid rising interest rates, greater raw material costs as a result of the Russia-Ukraine conflict, and a revival of the Covid-19 epidemic.

From 1.89 trillion won in the same quarter last year, operating profit increased by 58% to 2.98 trillion won in the June quarter. Sales increased by 19% to 35.99 trillion won from 30.33 trillion won in sales.

The net profit increased by 39% from January to June, from 3.50 trillion won to 4.86 trillion won. Additionally, operating profit increased by 39 percent in the first half of the year from 3.54 trillion won to 4.91 trillion won. From 57.72 trillion won to 66.29 trillion won, sales increased by 15%.