Hyundai prioritises hybrids amid flagging EV demand

While many major OEMs like Ford, Tesla, and Stellantis have posted disappointing financial returns for Q2 2024, Hyundai Motor Group just reported its strongest quarter on record. Q2 revenue rose 6.6% year-on-year to an all-time high of KRW 45.02tr (US$30.3bn), while net profit rose 24.7% to KRW 4.17tr, besting its previous Q2 2022 record of KRW 3.08tr. The company attributed this to an “improved sales mix and favourable currency rates” in its earnings report. Overall operating profit margin was 9.5%, down slightly from more than 10% in the same period a year prior.