(April 22, 2010) Hyundai, South Korea’s largest automaker, said quarterly profit jumped fivefold to a record after an economic recovery and new models spurred demand.

Net income rose to 1.13 trillion won ($1 billion) in the three months ended March 31, from 225 billion won a year earlier, the Seoul-based carmaker said in a statement today. That compares with the 790.3 billion won average of 26 analyst estimates compiled by Bloomberg. Sales gained 40 percent to 8.42 trillion won.

The automaker said revamped Sonata sedans and Tucson sport-utility vehicles lured buyers, helping raise first-quarter vehicle sales 26 percent from a year earlier to 825,100 units.