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.
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