The net profit attributable to shareholders of the South Korean automaker Hyundai Motor amounted to 4.856 trillion won (approximately $3.3 billion) in the first half of the year, which is a 21.1% decrease compared to the same period last year.
The company's revenue for the half-year was 95.15 trillion won ($64.5 billion), an increase of 2.7% compared to the same period last year. Meanwhile, the operating profit decreased by 25.8% to 5.37 trillion won ($3.6 billion).
In the second quarter, the net profit attributable to shareholders fell by 15.9% to 2.521 trillion won ($1.7 billion). Revenue rose by 1.9% compared to the same figure last year, reaching 49.215 trillion won ($33.4 billion). Operating profit decreased by 20.8% to 2.851 trillion won ($1.9 billion), while analysts had expected a figure of 3.2 trillion won.
In the second quarter, sales decreased by 13.5%, totaling 992 thousand vehicles compared to 1.066 million vehicles last year. In South Korea, sales also fell by 16.4%, reaching 158 thousand vehicles.
According to analysts from Reuters, the company is facing increasing competition in South Korea as global automakers expand their offerings of electric vehicles and software.
Additionally, in the second quarter, customs duties amounted to 900 billion won (approximately $608 million). This was reported by Reuters, citing the company's statement.
Hyundai Motor was founded in 1967 and has been part of the Hyundai Kia Automotive Group since 1999. The company's headquarters is located in Seoul. Hyundai Motor is the largest automaker in South Korea, producing passenger cars, trucks, and buses.
