Hyundai Motor profit grew by 92% in the quarter – Kommersant
[ad_1]
South Korean company Hyundai Motor increased net profit in the first quarter by 92.4% compared to the same period in 2022, bringing it to 3.42 trillion Korean won ($2.5 billion). Operating profit rose 86.3% to a record $2.7 billion. Revenue increased 24.7% to $28.2 billion.
The growth in revenue and profit is associated with an increase in production and sales volumes. In the first quarter, the company sold more than 1 million vehicles, up 13.2% from a year earlier. In recent months, the demand for expensive SUVs manufactured by Hyundai has been steadily growing. The number of electric vehicles sold increased by 48% to 66,000.
Today Hyundai Motor also announced to sign an agreement with the State of Georgia to build an electric vehicle battery plant there and establish a joint venture with the American company SK On, a division of SK Innovation Co. The total investment in the project will be $5 billion. The parties will receive 50% each in the new joint venture. Production at the plant is scheduled to start in the second half of 2025. The enterprise can produce battery cells in the amount necessary to equip 300,000 electric vehicles per year.
After the publication of reports and news about the construction of the plant, Hyundai Motor shares on the Korea Stock Exchange in Seoul rose by 5%.
[ad_2]
Source link
