Sedan, SUV Models Shore Up Hyundai Sales

•Hyundai Genesis Coupe

•Hyundai Genesis Coupe

Hyundai Motor Company said its Q3 profit rose 21per cent, helped by sales of the Sonata sedans and Tucson SUVs. Net income climbed to $1.7billion in the three months ended September 30, compared to 1.59 trillion won a year earlier, the Korean automaker said in a statement.

South Korea’s largest maker of automobiles was projected to report profit of 1.89 trillion won, based on the average estimate of seven analysts surveyed by Bloomberg.

•Hyundai Genesis Coupe

Chief Financial Officer, Lee Won Hee, said Hyundai Motor would probably sell more than 4 million vehicles this year as they crank up production from factories in markets such as China. The gains will probably lead Hyundai Motor to post record earnings this year and exceed profits generated by Japan’s Toyota Motor Corp., according to analysts’ estimates.

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Hyundai Motor, whose shares have outperformed those of its rival brands this year, closed on a promising note on the Kospi Index which rose 1.5per cent.

For the first nine months of the year, Hyundai sold 3 million vehicles and the company is likely to deliver more than 4 million units this year, Lee said. The company had initially targeted sales of 3.9 million this year.

In China, demand for mid-sized sedans surged, resulting in monthly Sonata sedan sales climbing above 10,000 for the first time in September. Nine-month sales in China, the world’s biggest car market, rose 12per cent to 553,000 vehicles, the company said, adding that it delivered about 510,000 vehicles in Korea, up 7.3per cent. It also disclosed that US sales rose by 20per cent for the first 9 months of 2011, while in Europe, its sales increased 9.4per cent during the first three quarters.

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