First-quarter earnings beat analysts’ expectations

Hyundai Motor Co.’s stock soared to its highest level in two weeks after the company’s first-quarter operational profit was above analysts’ estimates, rising 16 percent year over year.

In Seoul, stocks surged 2.5 percent in early trade.

Uncertain outlook due to China quarantine and commodity prices

The won depreciated against the dollar in the first quarter, making the company’s exports less expensive. The majority of Hyundai’s automobiles are exported.

The firm forecasts a gradual recovery from the pandemic and chip shortages, but supply instability will persist due to lockdowns in multiple Chinese cities and raw material price variations, according to the company.

Hyundai Vice President Zayong Koo said, “Hyundai has set up a team to monitor and respond to product costs, perhaps buying direct.”

Hyundai aims to invest $15 billion in battery-powered electric vehicles by 2030 as part of a larger $80 billion investment in the company.

Corporations announced on Monday that they will join the Climate Group’s RE100 worldwide campaign to transition to 100% renewable energy by 2050.