Hyundai earnings jump on FX boost

STORY: Profits at Hyundai Motor jumped by almost a fifth over the latest quarter.

That took them to $1.3 billion, better than analysts expected.

The gain was driven more by currency moves than car sales.

South Korea’s Won was nearly 7% weaker against the dollar over the period, boosting the value of earnings garnered abroad.

Car sales actually slid nearly 10% over the first quarter.

And Hyundai warned that it expected more supply chain disruptions due to lockdowns in China.

Like other automakers, it’s also battling the ongoing global chip shortage, as well as soaring prices for raw materials and logistics.

Analysts say consumers should expect further price hikes for new cars as a result.

Russia is also an issue.

Hyundai suspended operations at its St. Petersburg plant on March 1.

It’s now just selling off its remaining stock there.

The company hasn’t made any decision about when to resume operations in the country.

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