Hyundai Sales Up, Profits Down
Hyundai Motor Co. reports its wholesales jumped 11% to 1.19 million units in April-June, and revenue advanced 2% to 24.7 trillion won ($22 billion).
#economics
Hyundai Motor Co. reports its unit wholesales jumped 11% to 1.19 million units in April-June, and revenue advanced 2% to 24.7 trillion won ($22 billion), according to preliminary results.
But the company says its operating profit for the second quarter plunged 24% to 951 billion won ($850 million). Net profit shrank 11% to 811 billion won ($725 million).
Hyundai credits the quarterly sales increase to the success of its new or remodeled SUVs. The carmaker, whose first-half net income plunged 37%, made no forecast for the full year. But it cautions that it expects a “tough” business environment in the second half.
RELATED CONTENT
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.