[Hyundai Motor Conference Call] "Overseas Markets Including US and Europe Expected to Remain Weak in Q2"

[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Company stated on the 23rd during the 2020 Q1 earnings conference call that "due to the impact of the novel coronavirus infection (COVID-19), sales in the Chinese market, where demand was expected to increase this year, significantly declined at the beginning of the year, and from mid-March, sales decreases in markets such as the United States, Europe, and India also became prominent."

They added, "This downward trend is expected to continue throughout the first half of the year," and "despite expectations of sales recovery in the second half, a sharp decline compared to the previous year is anticipated."

Hyundai Motor anticipates that the overseas market slump will persist into the second quarter, making adjustments to export volumes inevitable. Koo Ja-yong, Executive Vice President in charge of Hyundai Motor IR, said, "In the United States, a significant decrease is expected due to shortened dealer operations, and in China, it will be difficult to recover exports to the levels of previous years," adding, "In India, where the national lockdown has been extended until early May, the second quarter is expected to see an even greater decline than in March."

However, regarding the domestic market, they stated, "Sales performance is expected to be better compared to other regions in the second quarter," and "profitability will be maintained by maximizing sales centered on new models such as the Genesis GV80, Grandeur, and Avante."

This content was produced with the assistance of AI translation services.