SEOUL - South Korea’s Hyundai Motor reported a better-than-expected 24 percent jump in net profit for the January-to-March quarter, as improved business at home and the United States helped offset weaker sales in China.
Hyundai posted a first-quarter net profit of 829 billion won , versus 668 billion won a year earlier. This was above an average estimate of 758 billion profit from 15 analysts, according to I/B/E/S Refinitiv data. An overall slowdown in auto sales in China in the first quarter after contracting in 2018 for the first time in almost three decades weighed further on Hyundai’s sales in the country, home to the world’s biggest car market.
The appointment comes at a time when Hyundai and affiliate Kia Motors, together the world’s the fifth-biggest automaker, are facing regulatory investigations in the United States into the timeliness of recalls involving defective engines and thousands of fires connected to their vehicles.U.S.
Source: Car News Wire (carnewswire.net)
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