Hyundai Posts Record First Quarter Profit

South Korean carmaker Hyundai is still on a roll — selling even more cars and grabbing more global market share as rivals continue to struggle. Hyundai announced on Thursday that its quarterly earnings increased five times from the same period last year. Net income was $1.1 billion in the three month-period ending in March.

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STEVE INSKEEP, Host:

NPR's business news starts with happy days for Hyundai.

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INSKEEP: The South Korean carmaker is selling ever more cars and grabbing more global market share as rivals struggle. Hyundai announced today, that their quarterly earnings increased five times from the same time last year. Net income was a $1 billion in the three month-period ending in March.

This announcement came the same day that Toyota saw its credit rating downgraded by the ratings agency, Moody's.

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