Hyundai said Thursday that its quarterly profit fell 23 percent after slowing sales in China overshadowed gains made in Europe and North America, Bloomberg reported (via Automotive News).
The automaker reported a net income of $1 billion during the third quarter of 2015, which ended on Sept. 30. The loss is in contrast to automakers such as General Motors and Daimler, who both reported gains in China, despite that country’s slowing economy.
Sales in China for Hyundai were down 18 percent in the third quarter this year. Hyundai said it expects sales to pick up at the end of 2015 thanks to newer models and tax breaks in China and South Korea.
Hyundai also had a difficult quarter in Russia and South America, according to the report. Sales in those regions were down 2.4 percent and 9.2 percent respectively.
The automaker, whose sedan-heavy lineup isn’t necessarily doing them any favors in a crossover- and truck-crazed market, reported better-than-anticipated sales in its home country. Hyundai sold 163,009 vehicles in the third quarter in South Korea, up 4.8 percent.
Hyundai and Kia’s sales in the U.S. have steadily increased this year, according to our own Tim Cain.
Don’t worry Hyundai you’ll do better next time because…
El Niño is coming! Viva la revolución!
Aren’t those GM and Daimler gains in China also predominantly from sedans?
Hyundai has some completely first rate CUVs to sell over there, as your photo shows.
Can anyone identify that tall but stubby car to the right of the Hyundai?
I’m more suspect of GM and Daimler accounting methods, specifically how and when they account for sales in China….
Every time I read the word “China” lately, I hear it in my head in a Donald Trump voice. It’s really annoying. CHI-NA!
You’re fired.