Hyundai Motor Co reported an incredible 47% jump in quarterly profit earlier today. The results sent shares to record highs as investors see the traction being gained by the brand on a consistent basis. In addition to offering more stylish cars that appeal to consumers, Hyundai is seen as a major benefactor in market share because of production cuts at many other manufacturers stemming from the March 2011 earthquake and tsunami in Japan. In April it is anticipated that Hyundai and Kia will gain more market share in the U.S. market.
Hyundai reported a 1.88 trillion Korean won ($1.7 billion) in Q1 2011 net profit. Last year the profit number stood at 1.28 trillion won. Hyundai credits strong sales of their popular Sonata and Elantra as key components to their outstanding earnings performance. The company stated their biggest increase was seen in China with a 30% jump. The United states gave the company a 28% jump, and other markets saw improvement of 10%.
Hyundai stated in their conference that they anticipate overall U.S. sales to come in at about 13 million units in 2011.