Hyundai Motor Q2 net profit soars
Hyundai exceeded expectations on Thursday (July 22nd) to report its best quarterly profit in about six years.
The South Korean automaker saw strong demand for its Genesis sports utility vehicles and premium cars.
That resulted in nearly $ 1.6 billion in net income from April through June.
Analysts said the company was also coping with a global chip shortage better than many other automakers.
You attribute this to Hyundai's effective supply chain management.
Even so, the automaker has been feeling the effects of silicon shortages and issues with separate component supply, especially in its electric vehicle division.
As early as April, due to these problems, Hyundai stopped production at a factory that was making its Ioniq 5 electric car.
On Thursday, the company said it expected the chip shortage to subside later this year.
However, it was said that revenue growth could slow in the second half of the year due to difficult business conditions.
Hyundai sees unpredictable raw material prices and an unstable supply of chips as a potential problem as the year progresses.
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