Hyundai Promotes Fewer Execs as Sales Slide

Hyundai Motor Group has promoted 348 executives this year—5% fewer than in 2016—after the company reported its fourth year of declining profits, according to Reuters.

The group’s subsidiaries include carmakers Hyundai Motor and Kia Motors, and suppliers Hyundai Mobis and Hyundai Steel.

Late last month the two vehicle manufacturers reported that their combined operating profits in the fourth quarter of 2016 fell 33%. Revenue for the period dipped 1%, and net profit plunged 39%.