Hyundai expanded operating margin to 10% in the second quarter from 9.5% in the first quarter.
Yet some analysts are upbeat that constrained vehicle production triggered by a global shortage of chips that began during the COVID-19 pandemic would continue, buffeting the industry from overall economic slowdown that has dampened demand for most consumer goods. Hyundai said vehicle sales rose 8.5% to 1.06 million units in the second quarter, with EV sales soaring 47% to nearly 78,000 units.
The IRA requires 50% of the value of battery components to be produced or assembled in North America to qualify for a $3,750 credit and 40% of the value of critical minerals sourced from the United States or a free trade partner for a separate $3,750 credit.
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