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Hyundai profits more than double in Q4 amid strong push for EVs

South Korean automaker secures supply chains, builds U.S. factory

Hyundai Motor debuts its Singapore-assembled Ioniq 5 electric vehicle at the Singapore Motor Show on Jan. 13. The South Korean automaker is strengthening its global EV lineup.   © Reuters

SEOUL -- Hyundai Motor's operating profit more than doubled in the fourth quarter from the same period the year before, the company said Thursday, as the South Korean automaker strengthens its lineup of electric vehicles in the global market.

Hyundai's operating profit jumped 119.6% to 3.4 trillion won ($2.8 billion) in the October-to-December period, year on year, with revenue rising 24.2% to 38.5 trillion won. Net profit, meanwhile, surged 143.8% to 1.7 trillion won for the three months, year on year.

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