Hyundai Motor shuts down its Indian plant, casting gloomy prospects for profits
Hyundai Motor shuts down its Indian plant, casting gloomy prospects for profits
  • Jung Jun-ho
  • 승인 2020.03.24 10:45
  • 댓글 0
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Hyundai Motor in India (Courtesy of Hyundai Motor)

Following Hyundai Motor's suspension of operations at its plants in the United States and Europe, India's Chennai plant has also been shut down.

Hyundai Motor said on March 23 that it will suspend operations in accordance with the Indian government's policy to suspend all operations except hospitals, government offices and food stores. The suspension will be until July 31.

When the new coronavirus infection spread, the Indian government took the measure against Chennai and other 75 largest cities, including Mumbai. Kia Motors' Andhra Pradesh plant, located in southeastern India, was not included in the measure.

However, the company is actively considering suspending operations considering the safety of its executives and employees.

This leaves Hyundai Motor’s Turkish, Russian and Brazilian plants in normal operation and Kia's Mexico plants among Hyundai's overseas production bases. However, the COVID-19 spread is so rapid that we don't know when it will close.

Lim Eun-young, a researcher at Samsung Securities, predicted that Hyundai's first-quarter operating profit will stay at 652 billion won, 21 percent lower than the same period last year.

The company also estimated its second-quarter operating profit to be 745 billion won, down 40 percent from 1.237 trillion won in the same period last year.


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