Hyundai Q2 revenue jumps 59% as chips crunch eases

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SEOUL — Hyundai Motor posted an increase of 59 p.c in second-quarter revenue as a weak gained foreign money lifted the worth of abroad earnings and demand stayed sturdy for the South Korean automaker’s high-margin SUVs.

Internet revenue climbed to 2.8 trillion gained ($2.13 billion) for the April-June interval from 1.8 trillion gained a 12 months earlier.

“A strong gross sales mixture of SUV and Genesis luxurious fashions, lowered incentives from a decrease stage of stock, and a positive overseas trade atmosphere helped carry income within the second quarter, regardless of the slowdown in gross sales quantity amid an hostile financial atmosphere,” Hyundai mentioned in an announcement on Thursday.

The sturdy outcomes come amid an easing of a worldwide chip scarcity, which helped Hyundai resume extra time and weekend shifts at its home crops, offsetting misplaced automobile manufacturing attributable to a nationwide trucker strike in June.

“After practically two years of chip shortages, automakers, together with Hyundai, are getting sufficient chips to provide at practically full capability,” mentioned Lee Jae-il, an analyst at Eugene Funding & Securities.

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