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Hyundai Q1 revenue triples to highest in 4 years as luxurious automobile demand booms By Reuters 



© Reuters. FILE PHOTO: A Hyundai Motor sales space is seen close to the Pyeongchang Olympic Plaza in Pyeongchang

By Heekyong Yang

SEOUL (Reuters) -South Korea’s Hyundai Motor Co stated on Thursday first-quarter web revenue jumped 187% to its highest in 4 years, according to expectations, as demand for its high-margin sports-utility automobiles and premium Genesis vehicles boomed.

A world scarcity of semiconductors, nonetheless, threatens to derail its development momentum.

Hyundai, which along with affiliate Kia Corp is among the many world’s prime 10 automakers by gross sales, reported a web revenue of 1.3 trillion gained ($1.16 billion) for the January-March interval versus 463 billion a yr earlier.

That in contrast with the 1.3 trillion gained forecast of analysts within the Refinitiv SmartEstimate and was the very best for the reason that March 2017 quarter.

Income rose 8.2% to 27.4 trillion gained.

Demand for Hyundai’s pricier vehicles comparable to SUVs and the luxurious Genesis mannequin stood out within the first quarter.

Whereas main automaking rivals together with Volkswagen (DE:) and Basic Motors (NYSE:) had been pressured to chop manufacturing because of the international scarcity of semiconductors, Hyundai managed to stave off that within the first quarter because of its wholesome chip stock.

However the South Korean automaker too has begun to expire of semiconductors now, prompting it to briefly pause manufacturing 3 times and save chips for its hottest fashions.

Shares of Hyundai Motor, Asia’s fifth-biggest automaker by market worth, rose 2% on Thursday after the outcomes versus the broader market’s 0.2% achieve.

The inventory is the third-best performer to date this yr amongst massive Asian automakers, gaining practically a fifth.

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