According to foreign media reports, on October 22, South Korean automaker Hyundai Group said it was third because of its slowdown in sales in China and the stimulating policies pursued by countries around the world that have overwhelmed its gains in foreign exchange. Net profit for the quarter fell 23%, which is already the seventh quarterly profit decline of the group.
Hyundai and its subsidiary Kia Motors are the fifth-largest automakers in the world. The group said its net profit was 1.2 trillion won ($1.1 billion) from July to September this year, compared with 1.5 trillion won in the same period a year ago. Previously, the average estimate of the net profit of 12 analysts surveyed by Thomson Reuters was 1.5 trillion won.
Hyundai Motor has been trying to stimulate its sluggish sales in the two largest markets in China and the United States. Chief Financial Officer Lee Won-hee said at a performance meeting: "In the third quarter, Japanese auto companies used a weak yen to focus on marketing in the US market. We have increased incentives for this. To drive sales."
It is reported that Hyundai and Kia have significantly lowered the selling price of SUVs in China due to the sharp drop in sales in China's largest auto market. In August, they replaced three executives of the Chinese branch. Hyundai said earlier that its truck sales in China fell 17.4% from a year ago to 214,414, which is the worst sales performance of the group since the second quarter of 2012.
Before the results announcement, analysts have said that Hyundai Group's third-quarter sales have fallen to the bottom, but they expect that their fourth-quarter profit is expected to improve thanks to the launch of the company's new model and the depreciation of the won against the US dollar. Between July and September this year, the exchange rate of the Korean won against the US dollar fell by 12.2% from a year ago.
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