Hyundai Motor Co. reported its lowest annual profit in five years after a failure to fully anticipate strong demand for sports utility vehicles in China led to a sales drop in the world’s largest auto market.<br />The South Korean company said Tuesday its net profit for 2015 was 6.51 trillion won ($5.4 billion), down 15 percent from 7.6 trillion won in 2014.<br />Hyundai’s sales in China dropped about 30 percent in June and July over a year earlier on lower demand for its passenger vehicles and the absence of a new sports utility vehicle model.<br />SUVs have become the fastest growing sales category for new passenger vehicles in China.<br />Passenger cars accounted for nearly three quarters of Hyundai’s annual vehicle sales last year while SUVs accounted for 21 percent.
