Net profit at Hyundai Motor rose 46% year on year to 893.4 billion won ($US744.7 million) thanks to strong home market sales boosted by a tax cut, Dow Jones reported.
Go deeper with GlobalData
Sales in the six months ended June 30 rose 11% on the year to 12.32 trillion won and Hyundai sold 814,809 vehicles during the half, a rise of 1.3% year on year, Dow Jones said.
The Dow Jones report said South Korea sales climbed 17% year on year to 6.92 trillion won, while exports increased 3.8% to 5.4 trillion won.
Dow Jones said the first-half earnings were due to a temporary tax cut on cars, which boosted sales of pricier models such as luxury sedans, sport-utility vehicles and minivans.
The tax benefit began in November and will be concluded at the end of this month, Dow Jones said, adding that Hyundai aims to sell 1.732 million cars this year; about 756,000 units at home and about 976,000 exports.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
