South korea: South Korea's biggest automaker Hyundai Motor reported a double-digit decline in its second-quarter profit, attributing the fall to the negative impact of U.S. tariffs, despite achieving record-high revenue, as stated by the company on Thursday.

According to Namibia Press Agency, Hyundai's revenue increased by 7.3 percent from the previous year, reaching 48.29 trillion won (35.3 billion U.S. dollars) in the April-June quarter, marking the highest quarterly revenue in the company's history. Despite the revenue growth, operating profit fell by 15.8 percent to 3.6 trillion won (2.6 billion dollars), and net income decreased by 22.1 percent to 3.25 trillion won (2.4 billion dollars).

The automaker indicated that higher incentives due to intensifying competition, along with the effects of the global trade environment, affected its operating profit. During the second quarter, Hyundai sold 1,065,836 units globally, marking a 0.8 percent increase compared to the same period last year. Domestic automotive sales rose by 1.5 percent to 188,540 units, while international sales increased by 0.7 percent to 877,296 units.

The global sales of Hyundai's electrified models, including hybrids, plug-in hybrids, battery electric vehicles, and fuel cell electric vehicles, surged by 36.4 percent to 262,126 units during the cited quarter.