Hyundai reports record first-quarter, profits jump fivefold

April 22, 2010October 29, 2011 Omar Rana

Hyundai Motor Co., announced today that its quarterly profits jumped fivefold after a steady economic recovery and new models spurring demand. Hyundai said that net income rose 1.13 trillion won ($1 billion USD) in three months that ended March 31, up from 225 billion won a year earlier.

Hyundai said that the new redesigned Sonata sedan and Tucson SUV brought in buyers, helping raise first-quarter vehicle sales by 26 percent from a year earlier to a total of 825,100 units.

The South Korean automaker also benefited as strong yen that hurt Toyota and Honda in export markets.

“With a better product portfolio and worldwide recovery in auto demand, Hyundai should continue its earnings and market share expansion,” said Heo Pil Seok, CEO at Midas Asset Management Co. “Its brand and quality is steadily improving, narrowing the gap with leaders like Toyota.”

2011 Hyundai Sonata:

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