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Hyundai’s First-Quarter Profits Drop 11%
Slower sales in China and emerging markets caused Hyundai Motor Co.’s net profit to fall to 1.8 trillion won ($1.5 billion) in the first three months of 2016 from 2.0 trillion won a year earlier.
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Slower sales in China and emerging markets caused Hyundai Motor Co.’s net profit to fall to 1.8 trillion won ($1.5 billion) in the first three months of 2016 from 2.0 trillion won a year earlier. It was the South Korean carmaker’s ninth quarter of year-on-year decline.
Revenue for the period grew 7% to 22.4 trillion won ($19.5 billion), as sales rose 2% to 1.. But operating profit shrank 16% to 1.3 trillion won ($1.2 billion), dragged down by the cost of sales incentives. Global retail sales declined 2% to 1.11 million vehicles.
Hyundai has been scrambling to realign its product mix to match the global boom in sales of crossover vehicles and softening demand among major markets for fuel-efficient cars. The company also faces rising competition in China, where its sales fell 10% to 240,000 units in the first quarter.
Hyundai’s first-quarter sales in the U.S. gained 1% to 173,000 units in the U.S. Volumes climbed 4% to 161,000 in Korea. 9% in Europe and 12% to 110,000 in India.
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