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Hyundai Motor suffers first net loss in 8 years as China sales skid

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Hyundai Motor suffers first net loss in 8 years as China sales skid

Hyundai Motor suffers first net loss in 8 years as China sales skid

South Korea's Hyundai Motor surprised the market on Thursday by posting its first quarterly net loss in at least eight years as its vehicle sales slumped in the key China market.

Pascale Davies reports.

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Hyundai Motor suffers first net loss in 8 years as China sales skid

China's economic slowdown is putting Hyundai's sales in the slow lane.

The South Korean car maker suffered a first net loss in eight years, of $114.95 million in the fourth quarter.

Sales fell 23 percent its biggest market - China Reaching only half of its total production capacity there.

Hyundai has blamed weakness in emerging market currencies, rising investments, and one-off cost for the disappointing results.

Sales in the U.S. were also down 1 percent Along with its affiliate Kia, it's aiming for a three percent sales growth globally this year.

But with a potential threat of U.S. tariffs on vehicle imports, and a U.S. investigation over how it handled a recall over engine defects, that could be an ambitious target.




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