Hyundai Motor Reports 21% Drop in Q2 Operating Profit, Misses Forecasts
Hyundai said weaker global demand and a fire at a key supplier cut second-quarter operating profit to 2.85 trillion won.
- On Thursday, Hyundai Motor reported a 21 percent fall in second-quarter operating profit to 2.85 trillion won , citing production disruptions from a March supplier fire and slowing global vehicle demand.
- Production constraints from the plant fire caused domestic sales to drop 16.4 percent to 157,647 units, while foreign vehicle sales fell 4.9 percent amid an unfavorable management environment triggered by shrinking demand.
- Despite the earnings decline, revenue rose 2 percent to 49.2 trillion won as hybrid car sales set a record high of 187,661 units, while all-electric vehicle sales reached around 70,000.
- Lee Seung-jo, executive vice president at Hyundai Motor, said operations have returned to normal and pledged to "make up for the lost output by increasing production in the second half of the year."
- Hyundai plans to drive earnings recovery through new models including the Grandeur, redesigned Elantra, Tucson SUV, and IONIQ 3, expanding its European presence amid toughening Chinese competition.
20 Articles
20 Articles
The Korean car manufacturer Hyundai Motors has recorded a profit of 1.7 billion euros in the second quarter of the year after suffering a fall of 21%. Figures that from the company attribute directly to the important impact of the tariffs imposed by Donald Trump and to a remarkable decrease in sales. Specifically, the company’s revenues increased by about 2%, to 29,360 million euros, while the operating profit was below the forecasts of the mark…
Hyundai Motor registered weaker net profit in the second quarter, falling in vehicle sales due to slowing global demand, marking the latest setback for South Korea's largest assembler. Exclusive material for subscribers. To have full access, access the material link and register.
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Hyundai Motor’s Second-Quarter Profit Falls 21% as Sales Slow and Costs Rise
Hyundai Motor reported a sharp decline in second-quarter operating profit on Thursday, with earnings falling short of market expectations as weaker vehicle sales, production disruptions ... The post Hyundai Motor’s Second-Quarter Profit Falls 21% as Sales Slow and Costs Rise first appeared on [your]NEWS.
The Economic Times
Times of IndiaGlobal Earnings | Hyundai Motor reports 21% drop in Q2 profit, misses forecasts
Hyundai Motor reported a significant profit drop in the second quarter. Weaker vehicle sales and production disruptions impacted the company's earnings. Higher costs and a competitive market also presented challenges for Hyundai. The automaker is investing in robotics and software-defined vehicles for future growth. Hyundai shares saw a slight increase following the earnings announcement.
Hyundai Motor Profit Misses Estimates as Global Sales Slump
Channel News Asia
Hyundai Motor reports 21% drop in Q2 operating profit, misses forecasts
SEOUL, July 23 : Hyundai Motor reported a 21 per cent fall in second-quarter operating profit on Thursday, missing analysts' estimates, as weaker vehicle sales, production disruptions and higher costs outweighed support from a weaker won.Hyundai, which together with affiliate Kia Corp is the world's third-big
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