As it took the brunt of the effects of declining growth of sales and a local currency growing in strength, a 29 percent decrease in its net profit for the third quarter was posted by Hyundai Motor, a South Korean automaker
According to a poll by Reuters composed of 12 analysts, the world’s fifth largest automaker with sister company Kia Motors, Hyundai Motor reported a net profit for July to September quarter of 1.52 Korean won ($1.44 billion) which compared to a general prediction of 1.79 trillion won is slightly lower.
According to the data of the Bank of Korea, the dollar was beaten by the South Korean won as it catapulted to its highest rating since the global financial crisis of 2008 during the third quarter resulting in the plummet in the value of the repatriated earnings of Hyundai internationally.
To make things worse, critical key markets in both South Korea and in the United States are exhibiting declined sales growth primarily because of strong and aggressive competition and the company’s one hope of giving a boost to sales, its upgraded Sonata sedan failed its purpose as comments about it being plain and boring was made by car critics.
