Despite low inventory that affected North American and Korean sales, Hyundai announced near record profits for the second quarter of 2013, powered by results in China. Hyundai reported net profits of $2.26 billion, down slightly from last year but beating expectations. Operating profit was $2.16 billion on revenues of $208.39 billion.
In a slowing Chinese market Hyundai still posted sales in China up 36% in the first half of 2013. This follows the start of production at Hyundai’s third Chinese assembly plant, the launch of a local version of the Elantra, and decreased sales of Japanese brands due to the dispute between China and Japan.
To move wheels, Hyundai has cut prices and increased incentives especially on Sonata and Elantra. While the relatively flat results in North America show the company is losing market share stateside to the resiliency of American brands, especially Ford.
That sure is a lot of Elantras, but in all seriousness how long do you think Hyundai can keep this up, clearly they’re seeing difficulty moving cars without incentive laden offers...