Hyundai posts surprise profit drop as won dulls winning edge

Hyundai Motor posted a surprise quarterly profit decline after a stronger local currency and the cost of compensating drivers in North America for overstated fuel-economy claims dented car sales.

The Korean won strengthened almost 8 per cent against the dollar last year, its biggest gain since 2009, reducing the value of Hyundai Motor’s overseas revenue in local currency terms and hurting the carmaker’s price competitiveness abroad. To make matters worse, the yen eased by 11 per cent, handing Hyundai’s competitive edge back to its Japanese rivals.

via Business feed http://www.scmp.com/business/companies/article/1135177/hyundai-posts-surprise-profit-drop-won-dulls-winning-edge