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HT Auto

Hyundai Motor posts biggest profit in seven years, warns on chip shortage

Hyundai Motor posts biggest profit in seven years, warns on chip shortage
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Hyundai Motor Co. posted its biggest profit in seven years, helped by sales of luxury Genesis cars and Ioniq 5 electric vehicles, but warned the global chip shortage could impact third-quarter deliveries.

Operating profit rose to 1.89 trillion won ($1.64 billion) in the three months ended June 30 from 590 billion won a year earlier -- the highest since the second quarter of 2014, the South Korean automaker said Thursday. The result was in line with the average analyst estimate of 1.9 trillion, according to data compiled by Bloomberg.

As countries from the UK to France look to phase out fossil-fueled cars, Hyundai is joining global rivals such as Volkwagen AG in turning to low-emission vehicles for growth.

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