Hyundai made much more profit in the past quarter than in the same period last year. The South Korean carmaker benefited from the sale of its luxury brand Genesis and the electric Ioniq 5.
The company is making relatively more profit on these vehicles. The result was achieved despite production interruptions due to the global chip shortage.
Hyundai’s net profit rose to 1.8 trillion won in the second quarter or 1.3 billion euros. That is almost eight times as much as in the same period last year and the highest profit the carmaker has achieved in seven years. Sales rose 39 percent to 30.3 trillion won.
Hyundai expects that the global chip shortage will decrease in the second half of 2021. However, the car industry, in particular, is struggling with this.