Hyundai Motor Company said it was targeting revenue growth of 15% this year after releasing buoyant financial results for the second quarter, including an 8.5% rise in global sales to 1,059,713 vehicles and an operating margin of 10%.

The automaker reported a 17.4% year on year revenue increase to KRW42.25trn in the second quarter while operating profit rose 42% to KRW4.24trn and margin was 10%. Net profit rose 8.5% to KRW3.35trn.

South Korea sales rose 12.7% to 205,503 vehicles while export sales were up 7.6% at 854,210 units.

Worldwide sales of electric vehicles (EVs) increased 47% to 78,000 units.

Hyundai said it had left its full year sales target unchanged at 4.32m vehicles but had increased the revenue growth target to 14%-15% and operating margin to 8%-9% as a result of “various measures, despite global uncertainties including fluctuations in interest rates and global inflation risks”.

The automaker plans to launch the redesigned Santa Fe in the second half and expected the midsize SUV to underpin strong sales momentum.