Seoul — Hyundai is counting on a new small sport utility vehicle (SUV) and its luxury brand to help it rebound from a third consecutive drop in quarterly profit, and overcome predictions for slower growth and intensifying competition. Hit by a consumer backlash in China and rising discounts in the US, the better-than-expected 6.8% decline in first-quarter operating profit was cushioned by sales gains in Russia, Brazil and India. Strong demand for its new Grandeur sedan and Genesis G80 at home also contributed to earnings. Hyundai rose 4.5% to 151,000 won in Seoul, the most since March 21. Deliveries in China slumped the most among its regions in the first quarter due to a lack of SUV models and a boycott by consumers over South Korea’s decision to host a US missile shield system, known as Thaad. Competing brands also rolled out promotions playing on the antiKorean sentiment to win over consumers from Hyundai, vice-president Koo Zayong said on a conference call on Wednesday. "Investo...
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