Hyundai Motor Co. posted a third-quarter profit increase of 21 percent. The Korean automaker attributes sales of the Sonata and Tucson to the increase in profits. Hyundai’s net income increased to 1.92 trillion won ($1.7 billion) in the three months ended on the last day of September.
Hyundai ended up beating the projections of 1.89 trillion won, made by seven analysts that were surveyed by Bloomberg.
CFO Lee Won Hee said that Hyundai will sell more than 4 million vehicles this year as it boosts production from factories in markets like China. The move will lead Hyundai to post record earnings in 2011 and beat profits by Toyota Motor Corp.
We’re pretty sure many automakers are wondering what Hyundai’s secret is.
– By: Omar Rana
Source: Automotive News