Summary Box: Hyundai profit soars on sales

AP News
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Posted: Jul 28, 2011 1:42 PM
Summary Box: Hyundai profit soars on sales

PROFIT JUMP: Hyundai Motor Co.'s second-quarter net profit rose 37 percent to 2.31 trillion won ($2.2 billion) from 1.68 trillion won in the same quarter last year.

SALES SURGE: Sales revenue at South Korea's largest automaker rose 19 percent to 20.1 trillion won from 16.9 trillion won a year earlier. Hyundai sold 1.04 million vehicles worldwide, an all-time high.

WHY? Hyundai is benefiting from the popularity of new cars, less need for incentives and lower production costs, analysts said. It also appears Hyundai gained business because of disrupted auto production in Japan following the March earthquake and tsunami.