Hyundai Motor Counts on SUV, Genesis Brand to Revive Profits
- Profit fell on backlash in China, heavy discounting in U.S.
- Hyundai says uncertainty in business environment to continue
Chinese Consumers Reject Hyundai, Chose Other Car Makers
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Hyundai Motor Co. is counting on a new small SUV and its luxury brand to help it rebound from a third consecutive drop in quarterly profit and overcome predictions for slower growth and intensifying competition.
Hit by a consumer backlash in China and rising discounts in the U.S., the better-than-expected 6.8 percent decline in first-quarter operating profit was cushioned by sales gains in Russia, Brazil and India. Strong demand for its new Grandeur sedan and Genesis G80 at home also contributed to earnings. Hyundai rose 4.5 percent to 151,000 won in Seoul, the most since March 21.