Hyundai Motor Company’s Profit Soars
July 22, 2009 by Stephen Kersey
Filed under Business
Hyundai Motor Company is quickly becoming a force in the auto industry. Founded and headquartered in South Korea, Hyundai is currently one of the largest automakers in the world. Recently, they revealed that their second quarter profit jumped nearly 50%.
In the second quarter of 2008, Hyundai had a profit of around $438 million. In 2009’s second quarter, Hyundai’s profit was up to around $650 million.
The dramatic rise in profit is somewhat surprising considering that sales were down more than 10%. However, after cutting costs, Hyundai was able to survive one of the most difficult times in the history of the automotive industry.
In the month of June alone, Hyundai reportedly sold more than 275,000 vehicles. When combined with Kia Motors, an affiliate company, Hyundai Motor Company is a top-five highest selling automaker.
Hyundai was founded in 1967 but didn’t start selling vehicles in the United States until 1986.
Hyundai (Image: Flickr)
