Mexican Media Brands
Hyundai Post First Quarterly Loss in 7 Years
Hyundai Motor Co. and its Kia Motors affiliate posted an unexpected fourth-quarter net loss of 203 billion won ($180 million), its first in at least seven years.
#economics
Share
Hyundai Motor Co. and its Kia Motors affiliate posted an unexpected fourth-quarter net loss of 203 billion won ($180 million), marking its first any-quarter loss since at least 2011.
Revenue for the period climbed 5% to 25.7 trillion won ($23 billion). But the combined quarterly operating profit for the company’s two brands shrank 35% to 501 billion won ($444 million).
Full-year net profit for Hyundai-Kia plunged 63% to 1.5 trillion won ($1.3 billion), marking the sixth consecutive year of year-on-year decline. Vehicle sales dipped 1% to 7.4 million units.
The company predicts new models will help the two brands boost combined volume this year to 7.6 million units.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.