[Infostock Daily= Reporter Park Hyo-sun] Hyundai Motor's second-quarter operating profit halved due to COVID-19.
Hyundai Motor announced on the 23rd that its consolidated operating profit in the second quarter of this year fell 52.3% year-on-year to 590.3 billion won. Sales also fell 18.9% year-on-year to 21.859 trillion won.
Hyundai Motor explained, "The global demand for automobiles has decreased significantly from the second quarter of last year due to the implementation of restrictions on movement in major markets and the shutdown of factories due to the full-scale spread of COVID-19." However, Hyundai Motor's second-quarter operating profit was more than double the market's estimate(about 300 billion won).
Hyundai Motor's global sales volume in the second quarter fell 36.3% year-on-year to 703,976 units. In the domestic market, sales of 225,552 units increased by 12.7% from the previous year due to individual consumption tax cuts and strong sales of Genesis, but in the overseas market(excluding China), demand decreased by 47.8% from the previous year to 478,424 units due to a decrease in demand by COVID-19.
Reporter Park Hyo-sun hs1351@infostock.co.kr
