It was a great first quarter for Hyundai, the upstart Korean carmaker that has been much of the auto industry’s established order a scare. The maker reports it earned $1.75 billion for the January to March period, a 46% jump.
With demand up everywhere from Berlin to Beijing – and Boston in- between — Hyundai also recorded global sales of 922,000 for the quarter pushing it in front of Japan’s number three maker, Honda. Considering the huge losses in production Honda and the rest of the Japanese have suffered in the wake of that nation’s March 11 disaster, Hyundai is likely to maintain that lead, analysts suggest, for at least another quarter, if not longer.
Hyundai’s net, 1.88 trillion in Korean won, was up from 1.28 trillion won a year ago. First-quarter sales and revenues totaled 18.23 trillion won, a 21% increase.
The Korean company has been on an aggressive growth curve fueled by the expansion of its line-up into a variety of new segments, and from the addition of overseas assembly plants, such as the facility it opened in Alabama, two years ago.