tariff costs

Hyundai Motor Q1 Net Profit Drops 23.6% on Higher US Tariff Costs

Hyundai Motor reported a 23.6% drop in Q1 net profit to 2.58 trillion won, missing year-ago levels due to US auto tariffs and rising raw material costs. Tariff-related costs totaled 860 billion won. Operating income fell 30.8% but sales rose 3.4% to 45.93 trillion won, beating analyst expectations of 2.43 trillion won. The automaker saw record hybrid sales and increased market share.