Hyundai beats Volkswagen in Q1 profits; Now 2nd behind Toyota

Hyundai had the highest profit margin of 10.4%.

Hyundai Motor Group has reportedly surpassed the Volkswagen Group in terms of operating profits during the first quarter of 2024. The South Korean carmaker registered the second-highest operating profits in the global automotive industry, registering $5.09 billion. Volkswagen dropped to third with $4.94 billion.

Leading the charts, though, was Toyota. The Japanese carmaker registered $7.15 billion in operating profits during the same period.

Reports also state that Hyundai had the highest profit margin of 10.4%. The carmaker even surpassed Toyota's 10% profit margin while also beating carmakers like GM, Volkswagen and the Renault-Nissan-Mitsubishi Alliance.

Source: KoreanEconomicDaily