The South Korea based multinational automaker Hyundai Motor Company, has revealed the financial results for the first quarter of this year that reflects a net profit of $2.15 billion. The quarterly statements disclosed a surge in the global profits to the tune of 31 percent that could had been greater if the sales remained tolerant to the adverse economic conditions persisting in Europe and China.
Hyundai Motor Company that globally operates in partnership with Kia Motors has stated that the impressive sales rise has been significantly contributed by the US auto market where the company’s bestselling models, Sonata and Elantra ruled the sales volume.
The car maker said in a statement that the platform integration mechanism has aided in reducing costs and the highly flexible price and product mixes has enabled them in achieving greater profits for Q1.
Even though the sales quantum in Europe did not yield outstanding results, the sales of the compact hatchback, Hyundai i30 took the lead marking high sales in the European auto market. The company has adopted a new accounting method this year owing to which high profits are revealed in the statement.
Mr. Kim Dae-hwan, Fund Manager in Shinyoung Asset Management has predicted that Hyundai Motor Company will proceed with attaining surging profits for the coming quarters as well since the US market conditions are highly favorable while the economic conditions in Europe and China are recovering at a faster pace.
