Hyundai Motor Group Chairman Chung Eui-sun receives the induction trophy instead of Honorary Chairman Chung Mong-Koo, who was inducted into the Automotive Hall of Fame, at a celebration held at the ICON Convention Center in Detroit on July 22. (Photo: Hyundai Motor Group)

Hyundai Motor logged its best Q2 operating profit since the second quarter of 2014. The earnings surprise was owed to the Korean automaker’s strong showing in major markets such as the United States and Europe on the back of the recovery of car demand, which was weakened by the spread of the COVID-19 pandemic.

Hyundai Motor said on July 22 the automaker posted 30,326.1 billion won in sales and 1,886 billion won in operating profit in Q2. The figures represent a 38.7 percent surge and a 219.5 percent jump over the same period of last year, respectively.

Even though Hyundai Motor suffered a setback due to the suspending of plants, caused by insufficient semiconductor supply, the automaker saw its sales surpass the 30 trillion won milestone for the first time since 2010, when the International Financial Reporting Standards (IFRS) was introduced.

Hyundai Motor sold 830,667 units abroad in Q2 on a wholesale basis, an 80.5 percent jump over the previous quarter. Hyundai saw its overseas sales rise in most markets except China, as overseas sales jumped 67.7 percent, 109.3 percent, 306 percent and 122.7 percent in North America, Europe, India, and Russia, respectively.

However, the automaker saw domestic sales decline 11 percent to 200,682 units.

Hyundai Motor also saw profitability improve. It was attributable to a rise in the portion of value-added models such as SUVs.

The portion of SUVs accounted for 46.6 percent of Q2 sales, up 5.8 percentage points over the previous quarter.

The rate of operating profit out of sales surged from 2.7 percent to 6.2 percent during the period. Hyundai Motor held a board meeting on the same day and decided to set a mid-term dividend of 1,000 won per share, as the automaker did last year.

Hyundai Motor Group Honorary Chairman Chung Mong-Koo Inducted into Automotive Hall of Fame

Honorary Chairman Chung Mong-koo of Hyundai Motor Group became the first Korean to be inducted into the coveted Automotive Hall of Fame.

Honorary Chairman Chung’s inducting into the Automotive Hall of Fame was owed to his achievements in making the automaker group rise to fifth in the global automobile market.

The Automotive Hall of Fame held an induction ceremony for the 2020/2021 inductees, including Chung, on July 22.

The late Henry Ford, the founder of Ford Motor Co., Karl Benz, the founder of Mercedes-Benz, and Thomas Edison, an American inventor, were also inducted into the Automotive Hall of Fame.

The industry’s top honor was presented to the class of 2020 at a celebration held at the ICON Convention Center in Detroit.

The ceremony was attended by Hyundai Motor Group Chairman Chung Eui-sun, who participated in Honorary Chairman Mong-Koo Chung’s place. Chairman Chung received the induction trophy and made a speech on behalf of his father.

“Honorary Chairman Chung grew Hyundai Motor group into the world’s fifth largest automaker from its humble beginning. If my father were here, he would say he owes this honor to our employees, dealers and fantastic customers,” said Chairman Chung.

“My father continued the legacy of my grandfather Chung Ju-yung, who founded Hyundai. He expanded the Group’s presence globally and continued to pursue excellence in quality. He made the Group something that employees and customers can all be proud of.”

Chairman Chung also did not forget to mention his vision for the future. “As Hyundai embraces the challenges and the opportunities of the 21st century, we will continue to strive for excellence, challenge convention and lead the evolution of smart mobility. We will realize progress for humanity,” said the Chairman.

According to the Automotive Hall of Fame, Hyundai Motor Group’s success owes much to Honorary Chairman Chung, and his legacy is on par with other legends of the industry who have launched and guided automotive firms to global growth and renown. Through his leadership, Hyundai Motor Group became the world’s fifth-largest automotive group.

· Acquiring Kia Motors Corporation into Hyundai Motor Group

· Spearheading the Group’s growth with new plants in key regions, including United States, Europe, China, India, Brazil and Russia

· Creating a highly efficient, vertically integrated business structure that produces everything from steel to vehicles