hyundai motor posts 48 pct drop in q2 net profit
Last Updated : GMT 09:03:51
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Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
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On China snub

Hyundai Motor posts 48 pct drop in Q2 net profit

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Hyundai Motor posts 48 pct drop in Q2 net profit

China snub hits Hyundai's sales
Seoul - Al Maghrib Today

South Korea's top automaker Hyundai Motor Wednesday posted a 48 percent drop in second-quarter net profit as China retaliated against South Korean exporters over a new US missile defence system.

Hyundai reported net profit of 913.6 billion won ($814 million) in  April-June, down from 1.764 trillion won a year earlier.

"Hammered by fallouts from THAAD, net profit has decreased," the company said in a statement, referring to the US system known as Terminal High Altitude Area Defence (THAAD).

Seoul and Washington say the newly-installed system is intended to guard against missile threats from the nuclear-armed North.

But China strongly objects to the deployment, fearing THAAD's radar  will spy on its own ballistic capabilities and upset the regional security balance. 

Sales in China plunged a whopping 64 percent year-on-year to 105,000 vehicles in the second quarter.

Worldwide, Hyundai sold 1.1 million cars including 182,000 in South Korea in the three months to June, down 13.8 percent year-on-year.

The company recorded strong sales in emerging markets like Russia and Brazil but falls in China resulted in a drop in overall overseas sales.

Hyundai said it would add new sports utility vehicles to its lineup and start rolling out the next-generation Genesis sedans later this year in the face of mounting competition and slow global growth.

Hyundai along with its affiliate Kia Motors is the world's fifth largest automaker.

Source: AFP

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