After electric car sales fell nearly 25% in the second quarter, Hyundai will lean on hybrids to boost growth. Despite a short-term “Chasm,” Hyundai expects EVs to lead long-term growth. As such, the company is doubling down on its IONIQ lineup and new low-cost EVs like the Casper Electric (Inster EV overseas).
“Despite the ongoing uncertain business environment,” a company official said, “including slowing demand due to continued high interest rates,” Hyundai had a record second quarter.
Although there’s a “rising trend of incentives due to intensifying competition in major markets,” Hyundai posted record sales and operating profit margins in Q2.
Hyundai’s sales rose 6.6% in Q2 2024 to over $32.7 billion (KRW 45.206 trillion), setting a new quarterly record.
With a favorable exchange rate, improved selling prices, and higher car sales, Hyundai’s operating profit reached a record of $3.1 billion (KRW 4.2791 trillion). The Korean automakers operating profit margin was …