Hyundai Motor net profit increased by 8.5%, electric models see strong demand

Hyundai Motor has announced its 2023 Q2 business results. The brand says that the Q2 revenue increased by 17.4 per cent YoY to KRW 42.25 trillion. The operating profit increased was up by 42.2 per cent for a record-high of KRW 4.24 trillion; the operating profit margin hit 10 per cent. The Q2 net profit increased by 8.5 per cent YoY to KRW 3.35 trillion. The company sold 1,059,713 units during Q2, up by 8.5 per cent YoY, as the production improved and demand cemented for the brand.

Hyundai has also reported that the demand for their electric vehicles is quite strong. The sales of full-electric models jumped 47 per cent YoY to nearly 78,000 units. Apart from the electric vehicles, sport utility vehicles as well as luxury models are in demand.

The most recent unveil from the brand is the Santa Fe which is getting a lot of attention in the media because of its design. As of now, Hyundai has not revealed a lot of information about the new Santa Fe but it will be unveiled in August. The SUV is a lot more boxy and bold as compared to the previous generation. The wheelbase has been extended to open up more space in the cabin.

Then there is the Ioniq 5 N which is Hyundai's first high-performance electric model. It uses a dual-motor setup that puts out a combined power output of 600 bhp and in Boost mode, the power output is increased to 640 bhp. The Ioniq 5 N has a top speed of 260 kph and can accelerate from 0-100 kmph in 3.4 seconds when the Boost Mode is engaged. The battery pack has a capacity of 84 kWh and it can be charged from 10 per cent to 80 per cent in just 18 minutes while using a 350 kWh fast charger. As of now, Hyundai has not declared the driving range.