Hyundai Motor Co. announced Thursday that its net profit in the fourth quarter of last year more than doubled from the same period in 2021 thanks to improved chip supplies and strong sales of its SUVs.
According to Sky News, South Korea’s largest automaker said in a statement that its net profit in the fourth quarter jumped to 1.709 trillion won (about $1.4 billion) from 701.37 billion won (about $570 million) during the same period in 2021.
“An improved product mix and a lower level of incentives also helped deliver the quarterly profit,” a company official said.
Operating profit doubled to 3.359 trillion won (about $2.7 billion) in the fourth quarter from 1.529 trillion won (about $1.24 billion) a year earlier. The company said its sales rose 24 percent to 38.523 trillion won ($31.25 billion) from 31.026 trillion won ($25 billion) during the same period.
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