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Bloomberg
Hyundai Motor Co increased its operating profit for the first time in six quarters, helped by strong demand for new sport utility vehicles (SUV) and decreasing incentive spending in the US.
First-quarter operating profit climbed to 824.9 billion won ($718 million), compared with the average analyst estimate of 777.3 billion won.
After defeating activist Elliott Management Corp in a proxy fight last month, Hyundai’s chairman-in-waiting Euisun Chung is trying to convince investors that his planned push into new models including electric cars will translate into long-term earnings growth.
Hyundai’s full SUV lineup — from large to subcompact vehicles — is finally hitting markets worldwide in 2019 after years of requests from shareholders for the company to lessen its
reliance on sedans.