Hyundai

Hyundai Motor sees currency risks persisting in Russia, emerging markets

By Reuters
By Ben Geier
General Images Of South Korea's Economy As GDP Figures Are Released
The Hyundai Motor Co. logo is displayed on a Sonata hybrid vehicle at a dealership in Seoul, South Korea, on Wednesday, July 25, 2012. South Korea's economy grew at the slowest pace in almost three years as Europe's sovereign debt crisis capped demand for exports and weakened confidence. Photographer: SeongJoon Cho/Bloomberg via Getty Images
Photo by Bloomberg—Getty Images

Hyundai Motor Co, the world’s fifth-biggest automaker when paired with Kia Motors Corp, expects currency risks to persist in Russia and other emerging markets this year, its president Lee Won-hee said on Thursday.

The automaker’s net profit fell 19% from a year earlier to 1.66 trillion won ($1.53 billion) in October-December, hit by a plunge in the Russian rouble and increased buying incentives in the United States.

Lee also said the automaker this year expects to maintain its average U.S. sales incentive at the 2014 level of $1,728 per vehicle.