You’d have a hard time telling there are any problems in Europe if you’re only looking at Hyundai’s sales numbers. Despite the Continent’s economic crisis and the sharp downturn in overall sales, demand for the Korean makers products jumped during the second quarter – driving a 10% increase in the maker’s overall earnings.
Hyundai is one of the few brands that has proven relatively immune to the European crisis that has nations like Greece and Spain on life support while even Germany’s auto market is feeling the economic pinch. The Korean carmaker appears to be benefiting from its reputation for bargain pricing even as it launches a wave of well-received new products, such as the i40 sedan and ix35 crossover.
Hyundai’s strong performance comes in sharp contrast to most of the rest of the industry. Ford reported a 57% downturn in Q2 profits, largely the result of European losses, while General Motors is expected to post a major loss in Europe next week. Volkswagen saw earnings rise for the quarter, but largely due to foreign sales with senior executives admitting the situation on the Continent is worsening.