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Hyundai Motor Q1 profit nearly triples on luxury car demand

SEOUL, April 22 (Reuters) - South Korea’s Hyundai Motor Co reported on Thursday a 187% rise in first-quarter net profit on demand for high-margin sports-utility vehicles and its premium Genesis cars, but a chip shortage threatens to derail its growth momentum.

Hyundai, which together with affiliate Kia Corp is among the world’s top 10 automakers by sales, reported a net profit of 1.3 trillion won ($1.16 billion) for the January-March period versus 463 billion a year earlier.

That compared with the 1.3 trillion won forecast of analysts in the Refinitiv SmartEstimate. ($1 = 1,116.8500 won) (Reporting by Heekyong Yang and Joyce Lee; Editing by Muralikumar Anantharaman)

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