Refinitiv Newscasts - Hyundai Motor Q2 net profit soars

Hyundai

22/07/2021 11:26

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Source: Reuters

Description: South Korea's Hyundai Motor turned in its best quarterly profit
in about six years on Thursday, helped by solid demand for its high-margin
sport-utility vehicles and its premium Genesis cars. Francis Maguire reports.
Short Link: https://refini.tv/3eK0Ez3

Video Transcript:

Hyundai beat expectations to report its best quarterly profit in about six
years on Thursday. The South Korean automaker saw strong demand for its
sports-utility vehicles and premium Genesis cars. That drove it to a net
profit of nearly $1.6 billion for April to June. Analysts said the company
also coped better than many other automakers with a global chip shortage. They
put that down to Hyundai's effective supply chain management. Despite that,
the automaker has felt the effects of the silicon shortage and separate
component supply issues, particularly in its electric vehicle unit. Back in
April, Hyundai suspended production at a factory making its Ioniq 5 electric
car due to those problems. On Thursday, the company said it expects the chip
shortage to ease later this year. But it said sales growth might slow in the
second half because of challenging business conditions. Hyundai sees
unpredictable raw material prices and an unstable supply of chips as a
potential issue as the year progresses