Hyundai released its first-quarter results on Monday, which showed a 19% hike in net profit despite sales decreasing by almost ten percent. The automaker said various factors played a role in the increased profit. At the same time, semiconductor chip shortages and COVID-19 shutdowns in China hindered its sales. 

Net revenue for Q1 totaled approximately $1.3 billion, which was lower than analyst projections but still a significant increase, and shares also slightly increased at the end of the quarter. 

On Monday, Hyundai said other reasons revenue was able to offset rising costs of raw materials and supply chain issues included “robust sales of SUV and Genesis luxury models, declining incentives, and a favorable foreign exchange environment.” The won (₩) is currently weak compared to the U.S. dollar, which reportedly contributed significantly to the profit increase.

Seo Gang Hyun, Hyundai’s Executive Vice President, also said the automaker would closely monitor Ukraine’s situation. Operations at its Russian plant are suspended with no indication of when they will resume. Hyun said the company “will consider delaying executions of planned investments this year and new car launches in Russia to enhance [Hyundai’s] Russia operation’s profitability.”

Did you enjoy this article from Kimberly Hurley? Read other articles on CBT News here. Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at

Be sure to follow us on Facebook and Twitter to stay up to date or catch up on all of our podcasts on demand.

While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.