Hyundai Motor Co., South Korea's largest automaker, outshined its rivals by reporting an increase of 48 percent in its net profits for the second quarter ended June 30.

Higher earning at affiliates abroad and tax incentives that enhanced domestic demand for cars helped the company to report robust profits for Q2.

Hyundai Motor Co's net profit for the Q2 soared to 811.9 billion won (equivalent to $648.7 million), up from 546.9 billion won last year.

Hyundai's sales soared to 8.08 trillion won, up from 6.03 trillion won in Q1.

Operating profit plunged 0.8 percent to 657.3 billion won as compared with 662.5 billion won last year.

Company's domestic sales increased to 185,387, up 16 percent, whereas exports dropped 29 percent to settle at 217,725 units during Q2.

The company has plans to launch new models to boost sales in the remaining quarters of the year.

Surged sales at affiliates in China and India played a vital role in getting strong profits.

In the recent trading, Hyundai shares were down by 0.7 percent at 83,600 won.

Now the company aims to take 5.1 percent market share in the US, in the remaining quarters of the year.

The company has plans to launch new models to boost sales in the remaining quarters of the year.