Hyundai Motor reports 20 percent plunge in profit

Hyundai Motor says its net income has plunged 20 percent, continuing its losing streak to nearly a fourth year.

South Korea’s largest automaker said Thursday its July-September net profit was 852 billion won ($758 million), compared with 1.1 trillion won ($978 billion) a year earlier.

The maker of Genesis and Sonata has recorded profit loss since late 2013 as its passenger sedans fell out of favor while its rollout of sports utility vehicles was slow. During the first half of 2017, Hyundai’s sale in China was slashed to nearly half as China’s anger over South Korea’s deployment of a U.S. missile-defense system hurt its sales.

The result was in line with expectation. Sales rose 10 percent to 24.2 trillion won while operating income rose 13 percent to 1.2 trillion won.

Advertisements