the companys global car sales slid nearly 10 in the first quarter and hyundai warned it expects further supply chain disruptions due to the lockdowns in several chinese citieshyundai motor co posted a betterthanexpected 19 rise in quarterly profit as favourable exchange rates more than made up for a jump in raw material costs and a drop in sales caused by the prolonged global chip shortage the companys global car sales slid nearly 10 in the first quarter and hyundai warned it expects further supply chain disruptions due to the lockdowns in several chinese cities like other automakers hyundai has raised prices to cope with soaring raw material expenses and logistics costs such as sourcing chips and analysts expect further vehicle price hikes advt net profit climbed to 16 trillion won 13 billion in januarymarch analysts expected a 14 trillion won profit according to a refinitiv smartestimate shares in the automaker jumped as much as 4 though pared gains to finish 1 higher robust sales of suv and genesis luxury models declining incentives and a favorable foreign exchange environment helped lift revenue despite the slowdown in sales volume hyundai said in a statement the south korean won was nearly 7 weaker against the us dollar in the period boosting the value of earnings garnered abroad hyundai which suspended operations at its st petersburg plant on march 1 and is only selling remaining inventory in the country said it was looking to minimise costs there by cutting incentive and marketing expenses we will consider delaying executions of planned investments this year and new car launches in russia to enhance our russia operations profitability executive vice president seo gang hyun told an earnings call hyundai and affiliate kia corp combined have the secondlargest share of the russian market after french automaker renault and hyundais russian sales account for around 5 of its overall sales hyundai has not decided when to resume operations at present no major automaker has announced a complete withdrawal from the russian marketalso readrenault q1 sales dented by ukraine conflict semiconductor crisisthe group which also produces dacia and lada brand vehicles said on friday its revenue fell by 27 from a year earlier to 9748 billion euros 106 billion excluding the activities of avtovaz and renault russia it stood at 89 billion euros down by 11see more details reuters published on apr 25 2022 at 0342 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app hyundai q1 results hyundai motor co