SEOUL -- Hyundai Motor's first-quarter profit slumped to its lowest quarterly level in a decade, as the coronavirus hit demand in China and losses at its financial business cut earnings.
Net profit fell 42 percent to 552.7 billion won ($447.9 million), the automaker said in a statement on Thursday.
As the coronavirus pandemic prompted governments to order lockdowns and other social distancing measures, consumer demand began tumbling in January -- first in China, then in South Korea and from March in Europe and the U.S.
Hyundai said first-quarter operating profit rose 5 percent to 864 billion won on a one-time gain related to its autonomous driving joint venture, along with a favorable currency environment and enhanced product mix as revenue climbed 6 percent.
Revenue was helped by a stronger product mix with higher sales of SUVs and Genesis luxury models. A weaker Korean won against the U.S. dollar offset the decline in global sales volume, Hyunda said.
Global vehicle wholesale volume fell 12 percent to 903,371 units.
Hyundai said in the statement it expects to face weakening profitability in the second quarter due to the pandemic.
With the outlook for many countries' recoveries from the pandemic unclear, Hyundai has suspended production at three of its eight plants globally.
