Hyundai Motor said on Monday that its first-quarter net profit rose 17 per cent from a year earlier as an improved product mix and a weak won helped offset the impact of chip shortages.<\/p>\n\n\n\n
Net profit for the three months ended in March rose to 1.78 trillion won ($1.42 billion) from 1.52 trillion won a year earlier, the company said in a statement.<\/p>\n\n\n\n
“A combination of increased sales of high-end Genesis and SUV models, friendly exchange rates and low inventory levels helped offset the impact of global chip shortage and higher raw materials prices,” the statement said.<\/p>\n\n\n\n
Hyundai expects parts supply shortages fueled by the lockdown in Shanghai and high raw materials costs driven by the Russia-Ukraine war will remain major woes for carmakers in the second quarter, reports Yonhap news agency.<\/p>\n\n\n\n
“The company will make efforts to achieve this year’s business guidance by taking a variety of measures, despite those global market uncertainties,” Seo Gang-hyun, executive vice president in charge of Hyundai’s finance and accounting division, said in the company’s earnings conference call.<\/p>\n\n\n\n
In 2022, Hyundai aims to sell 4.32 million vehicles, 10 per cent higher than its sales of 3.89 million units a year ago.<\/p>\n\n\n\n
The maker of the Sonata sedan and the Palisade SUV plans to focus on expanding sales of Hyundai’s independent Genesis brand and Hyundai SUV models in the US and environment-friendly cars in Europe.<\/p>\n\n\n\n
In the US, the world’s most important automobile market, Hyundai plans to gradually launch three fully electric Genesis models — the GV60 SUV, the G80 sedan and the GV70 SUV — this year. It sells the G70, G80, G90 sedans and GV70 and GV80 SUV models under the independent Genesis brand.<\/p>\n\n\n\n
Record-low inventory levels and planned global launches of vehicles built on Hyundai Motor Group’s EV-only electric-global modular platform (E-GMP) will help prop up the bottom line from the third quarter, analysts said.<\/p>\n\n\n\n
E-GMP models include the IONIQ 5 launched last year and the IONIQ 6 sedan and IONIQ 7 SUV set to be released this year and in 2024, respectively.<\/p>\n\n\n\n
But rising prices of lithium, nickel, and cobalt, key materials needed to make car batteries, will push up the manufacturing costs of electric vehicles.<\/p>\n\n\n\n
Hyundai said it will purchase more car batteries in advance, through partnerships with battery manufacturers, to minimize the impact of growing price volatility on the bottom line.<\/p>\n\n\n\n
It plans to spend 9.2 trillion won this year mainly on facility investments and research and development activities.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hyundai Motor said on Monday that its first-quarter net profit rose 17 per cent from a year earlier as an improved product mix and a weak won helped offset the impact of chip shortages. Net profit for the three months ended in March rose to 1.78 trillion won ($1.42 billion) from 1.52 trillion won a […]<\/p>\n","protected":false},"author":1,"featured_media":263198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-263197","post","type-post","status-publish","format-standard","has-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/263197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=263197"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/263197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media\/263198"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=263197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=263197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=263197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}