Hyundai Car Pictures
Latest-Hyundai-Kia Automotive Group has a shot at becoming the third largest automaker in the world this year amid better-than-expected sales & sluggish performance by Japanese rivals in the wake of the earthquake & tsunami there.
Hyundai Motor, the nation's largest automaker, yesterday reported that net earnings rose 46.5 percent in the first quarter to one.87 trillion won ($1.74 billion), a result that exceeded market expectations.Sales rose 21.4 percent to 18.23 trillion won with operating profit rising 45.6 percent to one.83 trillion won. It sold 919,130 cars in January-March period, including 752,466 vehicles abroad, up 11.6 percent from a year ago.
Domestic sales fell 0.8 percent to 166,664 units despite the introduction of new Grandeur & Accent models last year. Local buyers helped boost profit by purchasing more expensive models.Hyundai's average selling cost in the domestic market increased by four.6 percent to 23 million won, while the for the abroad market took a 14.2 percent jump to $15,500, helping increase the company's profit margins.
The first quarter results were first under which company applied International Financial Reporting Standards . Hyundai said it also benefitted from increased returns from equity investments.
Hyundai Motors
Lee Won-hee, Hyundai Motor chief financial officer,expected the company's sales in the United States to rise slightly this year from an earlier projection."We originally predicted U.S. demand for cars to reach 12.8 million vehicles this year, but it is expected to be able to rise to 13 million units,"he said.
Lee added that Hyundai Motor has no immediate designs to build a second factory in the U.S., although it might be thought about in the long-term.
The executive said that Hyundai would not be affected by part supply disruptions caused by the recent Japanese earthquake as it's alternative supply sources.Hyundai Motor does not expect its sales to increase because of lower production by Japanese automakers affected by the natural catastrophe since global demand for cars has been rising.
Hyundai Santafe Ask More Meany
Hyundai plans to sell low and mid-priced vehicles in China by 2013 then launch high-end cars after 2013,Lee said.Hyundai Motor said yesterday it had finalized an agreement with China’s Sichuan Nanjun Automobile Co.to set up a joint production base for commercial vehicles in Sichuan.Lee predicted that results for the second quarter would be better than in the first quarter. Hyundai Motor shares yesterday closed at a record high.
Hyundai Motor, the nation's largest automaker, yesterday reported that net earnings rose 46.5 percent in the first quarter to one.87 trillion won ($1.74 billion), a result that exceeded market expectations.Sales rose 21.4 percent to 18.23 trillion won with operating profit rising 45.6 percent to one.83 trillion won. It sold 919,130 cars in January-March period, including 752,466 vehicles abroad, up 11.6 percent from a year ago.
Domestic sales fell 0.8 percent to 166,664 units despite the introduction of new Grandeur & Accent models last year. Local buyers helped boost profit by purchasing more expensive models.Hyundai's average selling cost in the domestic market increased by four.6 percent to 23 million won, while the for the abroad market took a 14.2 percent jump to $15,500, helping increase the company's profit margins.
The first quarter results were first under which company applied International Financial Reporting Standards . Hyundai said it also benefitted from increased returns from equity investments.
Hyundai Motors
Lee Won-hee, Hyundai Motor chief financial officer,expected the company's sales in the United States to rise slightly this year from an earlier projection."We originally predicted U.S. demand for cars to reach 12.8 million vehicles this year, but it is expected to be able to rise to 13 million units,"he said.
Lee added that Hyundai Motor has no immediate designs to build a second factory in the U.S., although it might be thought about in the long-term.
The executive said that Hyundai would not be affected by part supply disruptions caused by the recent Japanese earthquake as it's alternative supply sources.Hyundai Motor does not expect its sales to increase because of lower production by Japanese automakers affected by the natural catastrophe since global demand for cars has been rising.
Hyundai Santafe Ask More Meany
Hyundai plans to sell low and mid-priced vehicles in China by 2013 then launch high-end cars after 2013,Lee said.Hyundai Motor said yesterday it had finalized an agreement with China’s Sichuan Nanjun Automobile Co.to set up a joint production base for commercial vehicles in Sichuan.Lee predicted that results for the second quarter would be better than in the first quarter. Hyundai Motor shares yesterday closed at a record high.
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