Hyundai’s Global Sales Drops By 21% In March As Coronavirus Hits Demand
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Global sales for Hyundai Motor Co tumbled 21% in March to an 11 year-low for the month as the coronavirus pandemic batters demand and forced several of its overseas plants to suspend production.
The South Korean automaker reported provisional global sales of 308,503 vehicles for March.
Hyundai Motor closed its Montgomery, Alabama, assembly plant last month after an employee there tested positive for the disease, and also suspended production at plants in the Czech Republic and India over the virus.
Plants in South Korea are, however, running at close to full capacity.
Credit ratings agency Moody’s Investors Service said in a report last month it expects global sales for the auto industry to slide 14% this year. It placed the ratings of Hyundai and its affiliate Kia Motors Corp on review for a possible downgrade.
Questions & Answers
Q.What were Hyundai's total global sales figures for March?
What were Hyundai's total global sales figures for March?
Hyundai reported provisional global sales of 308,503 vehicles for March. This represents a 21% drop compared to the previous year, marking an 11-year low for that specific month.
Q.Which of Hyundai's production plants have been affected by the coronavirus pandemic?
Which of Hyundai's production plants have been affected by the coronavirus pandemic?
Hyundai closed its assembly plant in Montgomery, Alabama, last month. Production was also suspended at plants in the Czech Republic and India due to the virus, while South Korean plants are running near full capacity.
Q.How has the credit ratings agency Moody's Investors Service reacted to the automotive industry's situation?
How has the credit ratings agency Moody's Investors Service reacted to the automotive industry's situation?
Moody's Investors Service anticipates a 14% slide in global auto industry sales this year. They have also placed the credit ratings of Hyundai and its affiliate Kia Motors Corp under review for a potential downgrade.
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