Hyundai sells 1.88 million vehicles in first 6 months, Q2 profit up 56%

Hyundai Motor said Thursday that second-quarter net profit was up 56 percent from a year earlier, thanks to an improved product mix and a weak win.

Net profit for the three months ended June increased to 3.08 trillion won ($2.34 billion) from 1.98 trillion won in the same period last year, the company said in a statement.

Over the six-month period, Hyundai sold a total of 1.88 million vehicles, meeting 43 percent of its sales target of 4.34 million units for the year.

Second quarter results were supported by higher sales of Hyundai’s independent brand Genesis models, reduced incentives and the weakness of the won against the dollar, Yonhap news agency reported.

The dollar rose to an average of 1,259.57 won in the second quarter from 1,121.23 won a year ago, according to the Bank of Korea.

Such factors helped offset the automaker’s production losses due to a long-term shortage of chips and interruptions in parts supply, Hyundai said.

Looking ahead, Hyundai said higher commodity prices due to the war between Russia and Ukraine, a resurgence of the Covid-19 pandemic and inflation amid rising interest rates will remain uncertain for the auto industry.

Operating profit rose 58 percent to 2.98 trillion won in the June quarter, from 1.89 trillion won a year ago. Sales rose 19 percent to 35.99 trillion won from 30.33 trillion won.

From January to June, net profit rose 39 percent to 4.86 trillion won, from 3.50 trillion won in the same period a year ago.

Operating profit also rose 39 percent to 4.91 trillion won in the first six months from 3.54 trillion won. Sales rose 15 percent to 66.29 trillion won from 57.72 trillion won.

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