Hyundai Motor yesterday reported record first-quarter net profits from strong growth in US sales and a move to more up-market products, the Financial Times (FT) said.

The newspaper said Hyundai’s net profit more than doubled to 586.6 billion won ($458m) in the first quarter of 2001 from 276 billion won a year earlier.

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US sales rose by 27% to 98,866 in the first quarter, the FT said, which was nearly 25% of the 402,766 cars sold in all markets. Global Q1 sales were up 8.4% from a year ago, the newspaper added.

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