Hyundai Motor Q3 profit plunges
Published: 06:10 PM,Oct 26,2017 | EDITED : 07:04 PM,Apr 29,2024
Seoul: South Korean carmaker Hyundai Motor posted a 16 per cent fall in third-quarter profits on Thursday as Seoul’s diplomatic row with Beijing over a controversial US missile system continued to batter the firm’s business in China. Net profit for July to September plummeted 16 per cent from a year ago to 939.1 billion won ($835 million), the company said in a regulatory filing.
Hyundai, along with its subsidiary Kia, forms the world’s fifth-largest automaker.
It has suffered falling sales in China — the world’s largest car market — after Seoul decided late last year to deploy a powerful US missile defence system despite opposition from Beijing. — AFP