Hyundai Motors Posts Record Profits

The South Korean carmaker says profits in the fourth quarter nearly quadrupled from a year earlier. Hyundai — which also owns Kia — gained market share during the recession. Consumers turned to its smaller and lower priced cars — boosting not only profits but also Hyundai's image.

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ARI SHAPIRO, host:

NPR's Business News starts with a carmaker that's reporting some good news.

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The South Korean carmaker Hyundai reported record fourth quarter earnings. The company says its profits nearly quadrupled from a year earlier. Hyundai which also owns Kia actually gained market share during this recession. Consumers turned to its smaller and lower priced cars boosting not only company's profits but also Hyundai's image.

The news comes as a leading rival, Japanese carmaker Toyota struggles with financial losses and a massive recall of its most popular cars.

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