UPDATE 3-Hyundai Motor suffers first net loss in 8 years as China sales skid [Reuters]
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Source: Reuters
Hyundai Motor suffers first net loss in eight years as China sales skid | Reuters 5 Min Read SEOUL (Reuters) - South Korea’s Hyundai Motor ( 005380.KS ) surprised the market on Thursday by posting its first quarterly net loss in at least eight years as its vehicle sales slumped in the key China market. Hyundai has been grappling with the lack of attractive models and strong branding in China, its biggest market where the auto industry’s sales contracted for the first time in more than two decades last year due to the Sino-U.S. trade war and the phasing out of tax cuts on smaller cars. The automaker, which together with affiliate Kia Motors ( 000270.KS ) was the third-biggest automaker in China until 2016, is now saddled with overcapacity, with its 2018 China sales falling short of target and reaching only half of its total production capacity. Hyundai reported a net loss of 129.8 billion won ($114.95 million) for the fourth quarter ended in December compared with the average 784 b
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