Hyundai Motor reported its weakest quarterly profit in more than seven years as demand for new cars slumped, though a sales lift in the US and China helped cushion the blow for South Korea’s biggest carmaker

The Korean carmaker still performed better than many of its overseas rivals, many of which are expected to report losses in the first quarter, thanks to a weaker local currency and Hyundai’s strong presence in the more fuel-efficient compact car segment.