Hyundai Motor Co. posted a fivefold jump in its first-quarter net profit, buoyed by strong overseas sales as demand picked up in line with the recovery in the global economy.
South Korea’s top carmaker by sales also maintained its sales target of KRW33.467 trillion (USD30.2 billion) for this year, up 5 percent from the KRW31.859 trillion (USD28.74 billion) it reported in 2009.
The company aims to continue to strengthen its presence in the US, where Hyundai benefited from strong demand for the YF Sonata sedan and a 34 percent on-year fall in the incentives it gave customers in the first quarter.
To view the full article (note: you must be a Wall Street Journal Online subscriber), visit The Wall Street Journal Online.
(Source: The Wall Street Journal Online)