It also plans to cancel 1% of its outstanding shares and retire a portion of treasury stock as part of its shareholder return program.“Despite weakening demand in emerging markets and increased macroeconomic uncertainty, Hyundai has achieved qualitative growth through a higher share of value-added vehicle sales, including hybrids,” said a company official.“We are committed to our shareholder return policy and to enhancing long-term competitiveness through bold innovation.”Meanwhile, Hyundai Motor Group said on Thursday it has opened the Hyundai Center of Excellence for future mobility technology (Hyundai CoE) at the Indian Institute of Technology (IIT) Delhi.
The flagship unit of Hyundai Motor Group posted an operating profit of 3.63 trillion won ($2.53 billion) in the first quarter, a 2.1% increase from a year earlier, according to a regulatory filing on Thursday.Revenue rose 9.2% on-year to 44.41 trillion won, marking the highest first-quarter sales in the company’s history.Net profit came in at 3.38 trillion won, barely changed from the year-earlier period.
South Korea’s top automaker Hyundai Motor Co.defied mounting global trade headwinds and a fresh round of US import tariffs to deliver record first-quarter revenue and stronger-than-expected earnings, boosted by resilient demand for hybrid vehicles, favorable exchange rates and solid US sales.
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