Hyundai Motor said Wednesday its quarterly profit was halved to its lowest level since 2010 as its auto sales in China and the U.S. plunged as the South Korean automaker paid dearly for lagging in its SUV lineup.
Net income for the April-June period was 816.9 billion won ($728.8 million), down 51 percent from 1.7 trillion won ($1.5 billion) a year earlier, Hyundai Motor said.
The result was worse than expected. Analysts had predicted a net profit of 1.4 trillion won ($1.2 billion), according to FactSet, a financial data provider. It was also the smallest profit for Hyundai Motor since it began reporting quarterly results under new standards in 2010.