Stuck in reverse: Slump in Chinese sales sees profits at Hyundai slide

Hyundai said its second quarter net income slumped 51 per cent on a year earlier as sales in China and the US fell sharply. The South Korean car maker said its net income for the April-june period was 816.9 billion won (£560 million), compared with 1.7 trillion won a year earlier. The result was worse than expected. Its operating profit sank 24 per cent to 1.3trn won during the period, while sales fell 2 per cent to 24.3trn won. The group saw Chinese sales fall 64 per cent as consumers in that country shunned Korean cars.