Hyundai Motor posts its biggest profit gain in seven years. Read more:
) laid out its U.S. sales turnaround plan on Monday with an expanded line-up of sport-utility vehicles , after posting its biggest quarterly profit jump in seven years.
To maintain momentum in the United States - its biggest overseas market - Hyundai said it plans to boost the proportion of SUVs in its U.S. line-up to 67% in 2023 from 51% in 2019, as it works to catch up with a shift in consumer preference. A previous proposal was scrapped last year following shareholder opposition, notably from U.S. hedge fund Elliott Management Corp.
Overall, net profit for the quarter rose 31.2% to 919.3 billion won , just short of market estimates but still Hyundai’s biggest quarterly percentage gain since the first quarter of 2012.
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