Hyundai Motor Q1 profit falls amid subdued EV market

SEOUL — Hyundai Motor’s operating profit fell slightly in the first quarter from the same period a year ago, amid subdued growth in the global electric vehicle market as hybrid cars find more favor with consumers.

The automaker, the world’s third-largest in tandem with smaller affiliate Kia, said on Thursday that its operating profit reached 3.6 trillion won ($2.6 billion) for the three months through March, down 2.3% on year. Its revenue increased 7.6% to 40.7 trillion won during the same period.