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[SEOUL] Hyundai Motor Co's sales fell for the first time in six months in January, dragged down by demand in emerging markets including China, Brazil and Russia.
South Korea's largest carmaker said sales last month dropped 13 per cent to 338,035 units. Of that, domestic deliveries declined 1.1 per cent to 49,852 units, while overseas demand slumped 14 per cent to 288,183 units, according to a regulatory filing by the company on Monday.
The sales slump comes after Hyundai posted its lowest annual profit in five years in 2015 after deliveries tanked in China, its biggest market by volume sales, and unfavourable exchange rates in Russia and Brazil cut its earnings. The carmaker expects the market situation to remain difficult this year, as the slowdown may continue in China and uncertainties remain in emerging market currencies this year.
Hyundai shares fell 0.4 per cent to 132,500 won at the close of trading in Seoul, before the company announced its monthly sales results. The benchmark Kospi rose 0.7 per cent.