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Hyundai’s Profit Plunges 23%
Hyundai Motor Co. reports its sales revenue in July-September climbed 10% to 23.4 trillion won ($20.7 billion) as unit sales declined to 1.12 million vehicles.
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Hyundai Motor Co. reports its sales revenue in July-September climbed 10% to 23.4 trillion won ($20.7 billion) as unit sales declined to 1.12 million vehicles.
Operating profit dropped 9% to 1.5 trillion won ($1.3 billion), and net income plunged 25% to 1.2 trillion won ($1.1 billion). The company blames exchange rates, the costs of new-product launches and heftier sales incentives and promotions.
Hyundai expects the current “unfavorable business environment” to continue. It also predicts its fourth-quarter performance will surpass its third-quarter results.
Analysts say the company is being hurt by a lineup that contains few crossover models, the global market’s most popular body style. Hyundai reports its volumes through the first nine months of 2015 fell 2% to 3.54 million vehicles, making its goal of selling nearly 5.1 million units this year less likely.
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