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Hyundai says chip crunch is easing as profits soar

South Korean automaker expects second-half boost as bottlenecks clear

The Hyundai Motor booth at the Beijing International Automotive Exhibition seen here in September 2020. Hyundai sells most of its cars overseas.   © Reuters

SEOUL -- Hyundai Motor said the global chip shortage was gradually easing as the South Korean automaker reported operating profit tripled in the second quarter from a year ago thanks to strong worldwide sales.

Hyundai said Thursday that its operating profit reached 1.9 trillion won ($1.7 billion) in the April to June period, up 219.5% from the same period last year, despite production stoppages at some factories due to chip shortages.

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