BBC News Online: Business

Hyundai Motor takes record profit

High Sonata sales helped profits accelerate

The rise was largely due to sales of its more expensive models in the domestic and US markets.

"Last year, the increase in the financial amount of sales was much larger than a rise in the number of automobiles sold," Hyundai said in a statement.

Profit for the year hit 1.17 trillion won (£627m; $895.3m) while sales over the same period rose 23.4% to 22.5 trillion won.

US-German automaker DaimlerChrysler owns 10% of Hyundai Motor.

Rivals flounder

In January, Hyundai's US sales rose 21.9% year on year, while General Motors, DaimlerChrysler and Ford all reported falls.

The automaker's Santa Fe sports utility vehicle and EF Sonata mid-sized sedan have seen especially high sales.

Hyundai has already raised its 2002 sales forecast to 1.88 million vehicles, up from an earlier projection of 1.68 million, and 17.5% above record sales of 1.6 million in 2001.

Hyundai Motor shares rose 2.4% on the news.