Hyundai Motor Says Raw Material Price Surge Cut Q1 Profit by 200 Billion Won

Lee Seung-jo, head of planning and finance at Hyundai Motor Co., said April 23 during a question-and-answer session after the company’s first-quarter earnings release that a sharp rise in raw material prices since late last year reduced first-quarter results by about 200 billion won. He said Hyundai expects the impact of higher material costs in the second quarter to be similar to the first quarter and is preparing cost-cutting measures to offset it.

* This article has been translated by AI.

Oh Jooseok farbrother@ajunews.com