Hyundai reports better-than-expected 24 percent jump in net profit for the January to-March quarter.
South Korea's Hyundai Motor reported a better-than-expected 24 percent jump in net profit for the January to March quarter, as improved business at home and the United States helped offset weaker sales in China.
Its operating profit rose 21 percent to 825bn won while its revenue was up 7 percent to 23.99-trillion won . In contrast, Hyundai's sales in South Korea rose 9 percent to its highest since 2002 in the first quarter, with its new Palisade large SUV selling better than expected, even as its rivals from General Motors and Renault to Mercedes Benz and BMW struggled with falling sales.In the United States, the world's second-largest car market where Hyundai is slowly catching up with the shift to sport utility vehicles, the automaker's sales rose 2 percent.
South Korean government officials said the country could be exempt from the tariffs as Seoul has made concessions in autos under a revised trade deal with Washington.
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