Hyundai Motors Inc. said its global wholesale vehicle sales fell 0.2 percent in the current quarter. However, its net profit for the quarter ended June was 4.174 trillion won, or about $3.02 billion, up 25 percent from a year earlier. This was reported by The Wall Street Journal.
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Hyundai showed better-than-expected profit growth in the second quarter, with strong vehicle sales in the U.S. offsetting sluggish demand in South Korea and other countries.
Revenue for the quarter rose 6.6% to 45.021 trillion won. Operating profit was 4.279 trillion won, the best quarterly performance in Hyundai's history.
The company said its global wholesale vehicle sales fell 0.2 percent in the second quarter, but sales in North America jumped 15 percent.
Hyundai said it expects demand for hybrid vehicles to remain strong in the near term, adding that pure electric vehicles will lead the clean-vehicle market in the long term.
Recall
The Finance Ministry reported that Hyundai Motor's shares on the Korea Exchange jumped 6.3 percent after it announced plans for an initial public offering of the company's Indian unit.
