Mexican Media Brands
Hyundai’s Net Profit Slips
South Korea's Hyundai Motor Co. earned a net profit of 2.03 trillion won ($2 billion) in the first quarter of 2014, down 3% from the same period last year.
#economics
Share
South Korea's Hyundai Motor Co. earned a net profit of 2.03 trillion won ($2 billion) in the first quarter of 2014, down 3% from the same period last year.
Analysts blame the won, which has strengthened to an eight-year high in the past 12 months. The currency gained 8% against the U.S. dollar during that period.
First-quarter sales volume grew 5% to 1.22 million vehicles. Revenue advanced 1% to 21.7 trillion won ($21 billion).
Hyundai's consolidated operating profit rose 4% to 1.94 trillion won in January-March. Analysts note the increase is due mainly to a year-earlier profit depressed by 90 billion won that had been set aside to cover recall costs in the U.S.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
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.