[ Auto ] Hyundai Q2 profit jumps 59% as chips crunch eases

[-ShylOo]

                                                 The strong results come amid an easing of the chip shortage, which helped Hyundai resume overtime and weekend shifts at its domestic plants.

                                                                  

 

                                                                          SEOUL -- Hyundai Motor posted a rise of 59 percent in second-quarter profit as a weak won currency

                                                            lifted the value of overseas earnings and demand stayed strong for the South Korean automaker's high-margin SUVs.

                                                                      Net profit climbed to 2.8 trillion won ($2.13 billion) for the April-June period from 1.8 trillion won a year earlier.

                                                                       "A robust sales mix of SUV and Genesis luxury models, reduced incentives from a lower level of inventory,

                                                                                      and a favorable foreign exchange environment helped lift revenue in the second quarter,

                                                            despite the slowdown in sales volume amid an adverse economic environment," Hyundai said in a statement on Thursday.

                                    The strong results come amid an easing of a global chip shortage, which helped Hyundai resume overtime and weekend shifts at its domestic plants,

                                                                                        offsetting lost vehicle production caused by a nationwide trucker strike in June.                                                                             

                                                                                               "After nearly two years of chip shortages, automakers, including Hyundai,

                                                     are getting enough chips to produce at nearly full capacity," said Lee Jae-il, an analyst at Eugene Investment & Securities.

                                                                                   https://europe.autonews.com/automakers/hyundai-q2-profit-jumps-59-chips-crunch-eases

 

 

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