Hyundai Posts Robust Q1
Profit balloons as carmaker bests industry on sales.
Hyundai Motor reported net profit climbed to $2.47 billion, blowing away year-earlier results.
IMAGE: Hyundai
Hyundai Motor Co. reported first-quarter results beat expectations, more than doubling profit and strongly boosting sales.
Its Hyundai, Kia and Genesis brands had their best first-quarter to date, according to a Cox Automotive analysis of the results.
South Korea-based Hyundai Motor reported net profit climbed to $2.47 billion, blowing away year-earlier results of $1.2 billion.
Its first-quarter sales climbed to more than a million units, up 13.2% year-over-year. Sales outside Korea rose 10.7% to 830,665.
The sales growth far exceeded industrywide results for the quarter, and the carmaker cut incentives 21% to an average $811, Cox said, pointing out that it was the first time Hyundai’s average incentive was below $1,000.
Originally posted on Auto Dealer Today
More Showroom
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →
My Mercedes in the U.S.
The German brand debuted its studio dealership concept for the first time in the states in Los Angeles, tapping Americans’ penchant for creative distinctions.
Read More →
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
Read More →
California Launches EV Rebate Program
Participating automakers are matching the state's $13.5 million investment in new electric-vehicle rebates scheduled to take effect later this summer.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
The Trade-In Paradox
Retailing older cars with confidence in today’s market is a matter of establishing and following a clear process that can turn greater profit for auto dealers as they aim to meet used-unit hunger.
Read More →
Focus on Vehicle Cabins
The market for interior materials will grow in coming years as automakers look to meet consumer demand while staying competitive with changeups to sourcing and included features.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →