▲ This file photo provided by Genesis shows the electrified GV70 SUV. (PHOTO NOT FOR SALE) (Yonhap)

(LEAD) Hyundai Motor-Q1 earnings

(LEAD) Hyundai Motor Q1 net rises 17 pct on improved product mix, weak won

(ATTN: RECASTS throughout; ADDS photo)

SEOUL, April 25 (Yonhap) -- Hyundai Motor Co. said Monday its first-quarter net profit rose 17 percent from a year earlier, helped by an improved product mix and the weak South Korean won.

Net profit for the three months ended in March rose to 1.78 trillion won (US$1.42 billion) from 1.52 trillion won a year earlier, the company said in a statement.

"A combination of increased sales of high-end Genesis and SUV models, friendly exchange rates and low inventory levels helped offset the impact of global chip shortage and higher raw materials prices," the statement said.

Operating profit climbed 16 percent to 1.93 trillion won in the first quarter from 1.66 trillion won a year ago. Sales were up 11 percent to 30.3 trillion won from 27.4 trillion won.

In 2022, Hyundai aims to sell 4.32 million vehicles, 10 percent higher than its sales of 3.89 million units a year ago.

The maker of the Sonata sedan and the Palisade SUV plans to focus on expanding sales of Hyundai's independent Genesis brand and Hyundai SUV models in the United States and environment-friendly cars in Europe.

In the U.S., the world's most important automobile market, Hyundai plans to gradually launch three fully electric Genesis models -- the GV60 SUV, the G80 sedan and the GV70 SUV -- this year. It sells the G70, G80, G90 sedans and GV70 and GV80 SUV models under the independent Genesis brand.

Hyundai plans to spend 9.2 trillion won this year mainly for facility investments and research and development activities.

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