The second quarter earnings of Hyundai Motor and Kia are expected to serve as a “barometer” for the future of the domestic auto market which is reeling from the effects of the global chip shortage, industry sources said Wednesday.
During the January-March period, Hyundai Motor saw its net profit surge 175.4 percent year-on-year to 1.52 trillion won ($1.3 billion), while Kia’s net profit jumped 289.2 percent to 1.04 trillion won.
A different source speculated that the two automakers’ respective inventories may run out by May in the worst case scenario, meaning they may join three minor carmakers, GM Korea, Renault Samsung and SsangYong, that suffered decreased sales in the first quarter.