South Korea’s largest automaker Hyundai Motor bounced back in the first three months from its first quarterly loss in eight years on strong domestic demand for its new sport utility vehicles, the company said Wednesday.
Net profit during the January to March period rose 30 percent from a year earlier to 954 billion won (US$830 million), Hyundai said in a statement.
The increase came after the firm reported its first quarterly loss in eight years for October-December 2018.
“Strong sales of newly released vehicles including the G90 and the Palisade led to an improvement in profitability,” Hyundai said.
The launch of the Palisade, Hyundai’s flagship SUV model, helped boost domestic volume by 8.7 percent, it said, but global sales dropped 4.9 percent -- to 837,420 cars.