Earnings plunge at Hyundai and Daimler

Global auto makers continue to count the cost of halted sales and production.

South Korea's Hyundai said on Thursday (April 23) first-quarter net profit slumped 44% to its lowest level for the quarter in a decade.

Net profit for January-March was $376 million - well below forecasts.

As distancing measures were implemented, consumer demand began tumbling in January.

First in China, then in South Korea and from March in Europe and the U.S.

Hyundai has suspended production at three of its eight plants globally.

Its shares rose slightly after the results, but were underperforming the wider market.

Also on Thursday, Germany's Daimler said it expects to report a near 70% plunge in a key first-quarter earnings figure.

As customers have been forced to shun its Mercedes-Benz car showrooms, Daimler reported preliminary adjusted Q1 earnings of $777 million.

The forecast provides further evidence of the damage inflicted on the market.

Passenger car sales tumbled by more than 50% in Europe's major markets last month.

Renault is in talks with the French government to secure a state-backed loan worth several billion euros to shore up its liquidity.

The firm says it has enough liquidity to see it through the turmoil, but was lining up credit lines and aid when possible.

Its shares rose as much as 3.5% in early trading.

Renault has suspended its outlook for 2020, but posted a 19.2% drop in first-quarter revenue.

It says it will resume production in Europe where possible and cut costs in areas such as advertising.