Hyundai Motor Co. and its affiliate Kia Corp., South Korea's two biggest carmakers, reported strong second-quarter earnings on a base effect and strong sales of their high-end SUVs, Trend reports citing en.yna.co.kr
Hyundai's net profit for the three months that ended in June jumped to 1.98 trillion won (US$1.7 billion) from 377.27 billion won in the same period last year, the company said in a statement.
The strong result was helped by last year's low base effect from the COVID-19 pandemic and robust demand for Hyundai's high-margin SUV models that helped offset output disruptions by chip shortages, according to Seo Gang-hyun, an executive in charge of the company's finance and accounting division.
"Faced with worsening chip shortages in May and June, Hyundai was quick to