Hyundai's first-quarter operating income beats analysts' expectations

Hyundai Motor Company declared its first-quarter earnings results which beat analyst expectations. The carmaker recorded a jump of 16 per cent compared to the preceding year. It increased its profits despite supply chain snags. According to a report by Bloomberg, Hyundai's shares closed up 1.1 per cent in Seoul after rising as high as 2.5 per cent.

File photo used for representational purpose. (REUTERS)
File photo used for representational purpose.

Hyundai earned 1.93 trillion won ($1.55 billion) through March compared to 1.66 trillion won estimated by analysts. Hyundai's net income increased by 17 per cent to 1.78 trillion won, topping the 1.39 trillion won estimate. Hyundai stated on Monday that its sales plummeted 9.7 per cent from a year earlier to 9,02,945 units due to the global semiconductor shortage. However, the revenue registered a growth of 11 per cent to 30 trillion won due to higher sales of SUVs and Genesis luxury models, reduced incentives and a favourable foreign-exchange rate, added the automaker.

Also Read : Hyundai partners IonQ to enhance future self-driving technology

Hyundai added it expects a slow recovery from the pandemic and chip shortage. However, the supply uncertainties will remain due to lockdowns in several Chinese cities and fluctuating costs of raw materials. Woo-Jeong Joo, an executive vice president at affiliate Kia Corp hoped that the global shortage in chips for automobiles may start easing from May. Though he did mention that higher commodity prices will be a bigger burden for Kia in the second half as a weaker won will be able to offset some of the higher input costs.

Also check these Cars

Find more Cars
Hyundai Creta (HT Auto photo)
₹ 10.87 - 19.20 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Hyundai I20 (HT Auto photo)
₹ 6.99 - 11.16 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Hyundai Exter (HT Auto photo)
₹ 6 - 10.15 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Hyundai Nexo (HT Auto photo)
UPCOMING
₹ 65 Lakhs *Expected Price
View Details
Mahindra Thar (HT Auto photo)
₹ 10.98 - 16.94 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Tata Nexon (HT Auto photo)
₹ 8.10 - 13 Lakhs* *Ex-showroom price
Add to compare
Check latest offers

Also Read : Hyundai's all-electric car sales mores than doubled in March

Hyundai has also suspended operations in Russia, stating logistical issues with the delivery of components. The ongoing Ukraine-Russian war has further deepened supply-chain woes for global automakers, which have been already strained by the Covid-19 pandemic, as well as rising commodity prices.

First Published Date: 25 Apr 2022, 17:37 PM IST
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
74% OFF
Microfiber Car Cleaning Soft Brush Ideal as Mop Duster, Washing Brush with Long Handle, Dust Cleaner Car Wash Brush with Handle, Soft Brush Scratch Free, Cleaning Dashboard Curved Design - Grey
Rs. 389 Rs. 1,499
64% OFF
Antson Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable, Portable,Rechargeable Vacuum (2 in 1)
Rs. 699 Rs. 1,939
73% OFF
IDELLA Car Duster, Extendable Long Handle Microfiber Car Duster Exterior Scratch Free Car Cleaning Tool, Car Dust Brush for Truck, Pickup, SUV, RV, Motorcycle, Vehicles Cleaning,(Multicolor)
Rs. 239 Rs. 899
1% OFF
GOODAIR Clear Car Windshield Enhancer | Classic |12 Tablets
Rs. 295 Rs. 299

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
Powered by: Acko Logo
Please be noted that any information provided herein above will be received by Acko General Insurance Limited (“Acko”). By mentioning the above information, you agree to provide these details and information to Acko.
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.