Hyundai’s Q1 Profits Slashed Nearly in Half

April 27, 2018
Hyundai Motor said on Thursday that its first-quarter profit dropped to its lowest level in roughly eight years.

April 27, 2018—Hyundai Motor said on Thursday that its first quarter profit dropped to its lowest level in roughly eight years, as sales remained sluggish in the U.S. and China, the Associated Press reported. South Korea’s largest automaker said its first quarter earnings fell 48 percent, to the equivalent of $677.3 million.

Quarterly profit was nearly halved due to the fact that sales in China and the U.S. continued to sink. Hyundai also blamed South Korean currency’s steep rise against the U.S. dollar, along with a walkout by its union.

Sales fell 4 percent while operating income dropped 46 percent during the three-month period. The OEM’s first-quarter car sales fell 2 percent from a year prior.

Hyundai is now banking on the release of new SUV models to resuscitate sales. The company hopes global sales of its latest Santa Fe SUV will provide a boost to its bottom line.

Sponsored Recommendations

Best Body Shop and the 360-Degree-Concept

Spanesi ‘360-Degree-Concept’ Enables Kansas Body Shop to Complete High-Quality Repairs

ADAS Applications: What They Are & What They Do

Learn how ADAS utilizes sensors such as radar, sonar, lidar and cameras to perceive the world around the vehicle, and either provide critical information to the driver or take...

Banking on Bigger Profits with a Heavy-Duty Truck Paint Booth

The addition of a heavy-duty paint booth for oversized trucks & vehicles can open the door to new or expanded service opportunities.

Boosting Your Shop's Bottom Line with an Extended Height Paint Booths

Discover how the investment in an extended-height paint booth is a game-changer for most collision shops with this Free Guide.