Hyundai reports record first-quarter, profits jump fivefold

2011 Hyundai Sonata

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:

Source: Automotive News (Subscription Required)