According to a report by the Associated Press on July 26, Hyundai Motor’s earnings report released on Wednesday showed that its second-quarter net profit plummeted from 1.7 trillion won in the same period last year to 914 billion won, a drop of 48%. Sales in China continued to decline. According to the financial report, Hyundai's second-quarter sales fell 1.5% year-on-year to 24.31 trillion won, and operating profit fell 24% to 1.34 trillion won from 1.76 trillion won in the same period last year. In the first half of the year, operating profit was 2.6 trillion won, down 16% year-on-year. Global sales in the first half of the year fell 8.2% to 2.2 million units, of which China's sales fell sharply by 42% to 301,277 units. The net profit was 2.32 trillion won, down 34% year-on-year. Sales increased by 1.4% from 47.03 trillion won to 47.67 trillion won. After the financial report was released, Hyundai Motor's share price closed at 148,000 won, up 1.37 percentage points. In the conference call, senior executives also warned that due to unpredictable market changes, competition is becoming more intense, and revenues in the second half of this year are even more difficult to predict. Koo Za-yong, deputy general manager of Hyundai Motors, said Hyundai Motor will give priority to improving profitability in the second half of the year. The company hopes to release new models, including the first small SUV, the first small SUV, the K30, the first high-performance hatchback i30N and the GenesisG70 luxury sedan, to boost the global market and improve sales in the second half of the year. Analysts said that the poor performance in the second quarter has a lot to do with the sluggish sales in China. But it should be noted that Hyundai Motor is far less brand-aware than other foreign automakers. Hyundai Motors lacks new models in the US market, and there is no price advantage in the Chinese market. The lack of SUV models and the high purchase subsidies are the reasons why Hyundai Motor's sales are not satisfactory this year. 1.Independent preheating device of diesel engine and the automated hydraulic system make the rigs better suited for high altitude and cold climates. Automatic Drill Rig,Automatic Drilling Rig,Powerful Multi-Function Rigs,Powerful Multi-Function Drills JIANGSU XI TEC ENVIRONMENTAL&DRILLING EQUIPMENT COMPANY CO.LTD , https://www.nbxitecdrilling.com
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