Hyundai Motor reports lowest earnings in more than 5 years after misjudging demand for SUVs

People walk by Hyundai Motor's showroom in Seoul, South Korea, Thursday, Oct. 22, 2015. Hyundai Motor Co. reported Thursday its lowest quarterly earnings in more than five years after losing ground to local brands in China and underestimating strong demand for SUVs. (AP Photo/Lee Jin-man) (The Associated Press)

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A man walks by a picture of Hyundai Motor's sedan Genesis outside of its showroom in Seoul, South Korea, Thursday, Oct. 22, 2015. Hyundai Motor Co. reported Thursday its lowest quarterly earnings in more than five years after losing ground to local brands in China and underestimating strong demand for SUVs. (AP Photo/Lee Jin-man) (The Associated Press)

Hyundai Motor's sedan Avante is displayed at its showroom in Seoul, South Korea, Thursday, Oct. 22, 2015. Hyundai Motor Co. reported Thursday its lowest quarterly earnings in more than five years after losing ground to local brands in China and underestimating strong demand for SUVs. (AP Photo/Lee Jin-man) (The Associated Press)

Hyundai Motor Co. says its quarterly earnings slumped 25 percent over a year earlier to the lowest level in more than five years.

South Korea's largest automaker said Thursday its third-quarter net income was 1.2 trillion won ($1.1 billion) for July-September quarter.

The result, its worst since the first quarter of 2010, was below the lowest estimate by analysts. The maker of Sonata and Tucson vehicles was expected to post 1.5 trillion won in quarterly profit, according to FactSet, a financial data provider.

Hyundai has suffered from weakening sales in China like some other foreign brands while its lack of new SUV models until recently led to lower market share in key markets. The company has focused on sedans rather than SUVs, misreading consumer demand.

https://www.foxnews.com/world/hyundai-motor-reports-lowest-earnings-in-more-than-5-years-after-misjudging-demand-for-suvs