Hyundai Second-Quarter Profit Drops 22 Percent
(MENAFN) Hyundai Motor, South Korea's largest automaker, reported a sharp double-digit decline in its second-quarter profit on Thursday, attributing the drop to adverse effects from U.S. tariffs that undercut its highest-ever quarterly revenue.
The company announced that revenue for the April–June period climbed 7.3 percent year-over-year, reaching 48.29 trillion won (approximately 35.3 billion U.S. dollars)—the highest quarterly revenue in Hyundai’s history.
Despite this revenue milestone, Hyundai’s operating profit fell 15.8 percent to 3.6 trillion won (2.6 billion dollars), while net income plunged 22.1 percent to 3.25 trillion won (2.4 billion dollars).
The automaker cited increased sales incentives due to heightened market competition, along with pressure from global trade conditions, as key factors dragging down profitability.
Worldwide vehicle sales totaled 1,065,836 units in the second quarter, reflecting a modest 0.8 percent increase from the same period last year.
Domestic sales in South Korea edged up 1.5 percent to 188,540 units, while international sales rose 0.7 percent to 877,296 units.
Sales of Hyundai’s electrified lineup—which includes hybrids, plug-in hybrids, battery electric vehicles, and hydrogen fuel cell models—soared 36.4 percent, totaling 262,126 units during the quarter.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
