SEOUL :South Korea's Hyundai Motor Co raised its annual sales and profit margin guidance on Wednesday, after recording a 15 per cent rise in quarterly net profit helped by a weaker won currency, robust sales of electric vehicles and increased production.
"The company expects to strengthen sales momentum through production improvements as chip and component supplies stabilise worldwide ... and enhance profitability despite global uncertainties such as interest rate fluctuations," Hyundai said in a statement. Tesla CEO Elon Musk signalled last week that it would cut prices again on EVs in"turbulent times" to boost sales.
In the United States, Hyundai's biggest market, sales of green energy cars that include EVs and plug-in hybrids more than doubled to 46,000 units. Sales climbed even though Hyundai's EVs are not eligible for federal tax credits under the Inflation Reduction Act as they do not meet requirements.