Hyundai Motor witnessed a sharp increase in their net profits for the first quarter, as they managed huge sales in their overseas markets which include United States and China. South Korea”s largest auto manufacturer witnessed net profits of 1.87 trillion won or $1.7bn. This is an increase of 47% in comparison to its net profits of last year.
While the company’s operating profit increased by 45%, the revenue of the company saw a gain of 21%, collecting 18.23 trillion won for the January to March period. The Korean manufacturer managed to sell 919,000 vehicles in its home market as well as abroad, in the year’s first quarter, an increase of 9.2% in comparision to last year’s as the company faced increasing demand from its Chinese market, where their sales increased by 29%.
The company also stated their sales in the American market increased by 28% following great performance of their new Avante vehicle. Hyundai along with Kia Motors, its group company, are enjoying a great run in the market since the last few years.