Hyundai Motor Co announced that its quarterly profits increased 46 percent as sales climbed in the United States, China and Europe. Hyundai said that the increase in profits was helped by buyers in its home market purchasing more expensive models.
Hyundai’s net income was 1.88 trillion won ($1.75 billion) in the three months ended March 31, compared with a revised 1.28 trillion won a year earlier. First-quarter sales were up 21 percent to 18.23 trillion won on a consolidated basis.
Hyundai sold 922,000 units in the January to March 2011 period, 9 percent more than a year ago.
The Korean automaker continues to gain sales this year as Toyota, Honda and other Japanese competitors face production woes following a record earthquake in March.
– By: Omar Rana
Source: Automotive News