Hyundai Motor and its affiliate Kia are projected to post an operating profit exceeding 8 trillion won (USD 5.7 billion) in the second quarter, driven by an improved product mix and production adjustments. According to a Yonhap Infomax survey of local brokerages, both companies are estimated to report operating profits of 4.28 trillion won and 3.76 trillion won, respectively, for the three months ending in June.
In the second quarter, the survey showed that the operating income of Hyundai and Kia likely rose by 1 per cent and 11 per cent, respectively, from the same period of last year.
The carmakers' timely response to the electric vehicle "chasm", their focus on high-end sport utility vehicles, such as the GV80, particularly in the US market, and a weak won likely helped the quarterly bottom line, analysts said.
According to data from the Bank of Korea, the dollar rose to an average of 1,370.91 won in the June quarter from 1,314.68 won a year earlier.
A weak won drives up an exporter's dollar-denominated income when converted into the local currency.
The two carmakers began to strengthen their gasoline hybrid model lineup early this year as the global EV market entered a stagnation phase, known as the chasm, which occurred before the widespread adoption of EVs. Hyundai's sales are forecast to rise 4 per cent on-year to 43.99 trillion won, while Kia's are projected to increase 5.6 per cent to 27.7 trillion won during the same period.
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Inputs from IANS
