Hyundai Motor has reported first quarter revenues and profit sharply up versus pandemic hit figures for last year.

The company said Q1 revenue increased 8.2% year-on-year to KRW 27.39 trillion, while sales volume rose 10.7% year-on-year to 1,000,281 units.

First quarter net profit jumped 175.4% to KRW 1.52 trillion.

Sales in markets outside of Korea increased by 9.5% to 814,868 units as industry demand remained weak in most markets around the world. Sales in Korea climbed 16.6% to 185,413 units, led by new models, including the all-new Tucson SUV. The G80 sedan and GV70 SUV of the Genesis luxury brand also helped boost sales, Hyundai said.

Hyundai’s operating profit in the period rose 91.8 percent to KRW 1.66 trillion compared to KRW 863.8 billion in the first quarter of 2020, when COVID-19 pandemic began to hit profitability. Net profit including non-controlling interest increased to KRW 1.52 trillion from KRW 552.7 billion in the same period of last year.

Sales recovery and market share expansion in the Americas, India, and China also contributed to higher revenue, Hyundai said.

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Hyundai Motor expects globally expanded economic stimulus plans to help boost auto demand but the prolonged COVID-19 pandemic, semiconductor chip supply condition, and raw material cost fluctuation will likely amplify business uncertainty, it warned.

The company plans to flexibly adjust its production in line with chip supply delays by pre-emptively securing its component inventory while looking for alternative chip parts to optimize production.

The company also highlighted the importance of electrification with its IONIQ 5, its first dedicated BEV, along with hybrid and plug-in hybrid models of Tucson SUV and Santa Fe SUV.

According to Reuters, Hyundai said it would adjust its May production levels due to the semiconductor shortage.