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.
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