Hyundai Motor Reports Record 23% Rise in Q2 Profit, Driven by US Hybrid Sales

Jul 25, 2024, 09:11 AM

Hyundai Motor Co reported a 23% rise in second-quarter profit, beating analysts' expectations. The company's Q2 sales reached Won 45.02 trillion, surpassing the estimated Won 44.15 trillion. This record profit was driven by strong sales of hybrid vehicles, which saw a 42% increase, offsetting losses from electric vehicles. Hyundai sold 58,950 electric vehicles in Q2, a 24.7% decline year-over-year. The company plans to expand its hybrid lineup in response to potential changes in US EV policies, while still viewing EVs as the future. Strong US sales also contributed to the record profit.