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Hyundai Motor hits six-year high for quarterly net profit

Hyundai Motor achieved its best quarterly profit in about six years, helped by solid demand for its high-margin crossovers and its premium Genesis cars.

The automaker reported net profit of 1.8 trillion won ($1.57 billion) for the April-June period versus 227 billion won in the same period a year earlier.

“Sales of (crossovers) and Genesis luxury brand models drove the momentum in sales volume, and declining incentives helped lift revenue and profitability in the second quarter as the ongoing recovery from the global COVID-19 pandemic spurred automotive demand,” Hyundai said in a statement.

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