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Hyundai's profit jumps 16% despite halting production in Russia

EVs, luxury models help South Korean automaker shrug off Ukraine war impact

Hyundai Motor has thus far seen no major impact on its business from Russia's invasion of Ukraine.   © Reuters

SEOUL -- Hyundai Motor said on Monday that its operating profit jumped more than 16% in the first quarter, year-on-year, as sales of electric vehicle models and the luxury Genesis helped it shrug off the impact of the war in Ukraine and suspended production in Russia.

The South Korean automaker, the world's fifth-largest together with smaller affiliate Kia, said that its operating profit reached 1.9 trillion won ($1.5 billion) in the January to March period, up 16.4% from the same period last year. Hyundai's revenue climbed 10.6% to 30.3 trillion won, while its net profit increased 16.8% to 1.8 trillion won.

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