Hyundai Motor profit down due to weak global demand

Good response: Visitors checking out a hydrogen-powered vehicle displayed at the Hyundai booth at a ‘Hydrogen and Mobility expo’ at the Kintex exhibition centre in Ilsan, near Seoul recently. — AFP

SEOUL: South Korea’s Hyundai Motor Co said second-quarter profit fell 75% on year, the steepest in seven quarters and missing analyst estimates, as weak global demand due to the pandemic overshadowed sales of high-end models at home.

Hyundai’s global retail sales fell 33% from the same period a year earlier whereas sales at home in South Korea – at 200,000 vehicles, exceeding all other markets – rose 13%, company data showed yesterday.