Survey: Hyundai Motor and Kia expected to achieve $5.7 billion of profits in Q2

A local survey showed today that Hyundai Motor Co. and its smaller company, Kia, will record expected operating profits exceeding 8 trillion won ($5.7 billion) in the second quarter of this year, thanks to improved product assortment and production adjustments.

It is estimated that Hyundai and Kia will achieve operating profits of 4.28 trillion won and 3.76 trillion won, respectively, in the three months ending in June, according to a survey conducted by Yonhap Infomax, the financial data company affiliated with Yonhap News Agency. .

The survey showed that the operating income of Hyundai and Kia in the second quarter increased by 1% and 11%, respectively, compared to the same period last year, according to the Korean Yonhap News Agency.

Analysts said factors such as the two automakers’ timely response to the electric vehicle “stagnation”; Their focus is on high-end sports models, such as the “GV80”, especially in the American market. The weakness of the won currency; This helped achieve quarterly profits.

The dollar rose to an average of 1,370.91 won in the quarter ended June from 1,314.68 won a year earlier, according to Bank of Korea data. The decline of the won leads to an increase in exporters’ dollar-denominated income when converted into the local currency.