Hyundai Q2 operating profit down nearly 21% amid sales slip
Business
Hyundai just posted a nearly 21% drop in its second-quarter operating profit, landing at 2.85 trillion won ($1.9 billion), missing what analysts expected.
Global sales also slipped by 4.2%, especially in Europe and China.
Hyundai posts record Q2 revenue
Even with lower profits, Hyundai pulled off its highest-ever second-quarter revenue at 49.2 trillion won, thanks to strong demand in North America and India.
The company's facing tough competition from Chinese carmakers, shaky US electric-vehicle policies, and weaker sales at home due to worker strikes and tariffs.
Still, investors seem optimistic: Hyundai's stock jumped 2% after the earnings report and is up more than 40% this year, mainly because people are excited about their new Atlas humanoid robot project.