Coronavirus News Asia

Hyundai’s global sales plunge 70% in April

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As South Korea basks in spring sunshine and the country cautiously exits social distancing, Hyundai Motor launched a new SUV on Wednesday – but the company’s earnings have sprung a severe leak.

While Hyundai may be buoyed by some positive data in its recovering home market, on the global front, the year ahead looks stormy as Covid-19 scythes through sales and cuts deeply into the outlook for the sector as a whole.

Production resuming

The latest version of the Korean automaker’s flagship SUV, the Palisade, went on sale on Wednesday, retailing at 35 million won (US$29,000) for the basic version.

Moreover, the company is coming out of hibernation and revving up production that had stalled in the early stages of the pandemic, according to local news agency Yonhap.

Hyundai Motor and sister company Kia Motors, which operate 18 domestic factories, said they have partially resumed operations at 15. Overseas, the two firms operate 17 plants.

Operations resumed at their two US plants, in Alabama and Georgia, on Monday. Seven plants in China are in partial operation, and production is set to resume at Hyundai’s India factory this week.

Plants in Czech Republic, Turkey and Russia are also operating, the company told Asia Times.

However, Hyundai does not disclose production rates, and the latest numbers are far from sunny.

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