Hyundai Motor reports 10th straight quarterly profit drop
{{#rendered}} {{/rendered}}Hyundai Motor Co. says its second-quarter income fell from a year earlier for a tenth straight quarter.
South Korea's largest automaker said Tuesday its April-June quarterly net income was 1.76 trillion won ($1.55 billion), down 1.5 percent over a year earlier. Sales rose 8 percent.
Global sales of passenger sedans such as the Elantra and Accent were weaker, offsetting improved sales in China. Hyundai also spent more on marketing to promote its luxury brand Genesis ahead of new vehicle launches in the U.S.
{{#rendered}} {{/rendered}}The automaker, the world's fifth-largest along with its smaller affiliate Kia, expects a tough business environment for the rest of the year due to increased global uncertainties.
Hyundai said it will step up production of sports utility vehicles that have been gaining popularity in overseas markets.