Hyundai Motor Posts Record Results in First Half

Hyundai Motor achieved record business results in the first half of the year, it announced at an investor relations event at the Korea Exchange in Yeouido, Seoul on Thursday.

The carmaker earned nearly W17.98 trillion in sales, more than W1.56 trillion in operating profit and about W2.52 trillion in net profit in the first six months (US$1=W1,186).

Hyundai's domestic production rose 19 percent on-year to 855,000 vehicles, with 320,000 sold in Korea and 535,000 shipped abroad. Its overseas plants turned out 909,000 vehicles, accounting for 51.5 percent of overall output and topping domestic production volume for the first time.

While the automaker's share of the global market slipped to 5.0 percent from a record 5.3 percent in the second half of last year, its market share in the U.S. rose to an all-time high of 5.2 percent.

Hyundai expects its strong performance will continue in the second half so that it can surpass its original full-year sales target of 3.46 million units. It plans to boost its brand image overseas and capture a bigger market share with the introduction of the Equus luxury sedan in the U.S. and the release of the revamped version of the Avante compact car.

englishnews@chosun.com / Jul. 30, 2010 11:01 KST