Blindsided by SUV boom, Hyundai Motor trims costs and perks

Seoul

HEADED for a fourth straight annual profit decline, Hyundai Motor is trimming its cost fat; scaling back on business-class flights and annual family home trips for overseas employees, executives told Reuters.

The South Korean automaker has been hit by its exposure to weak emerging markets, and a product line-up that features more sedans than sport utility vehicles, just as SUVs have become more popular across many global markets.