Reported about 1 month ago
Hyundai Motor Co faced a 7% decrease in third-quarter operating profit, falling short of analysts' expectations, as demand for vehicles slow and competition intensifies. The South Korean automaker reported an operating profit of 3.6 trillion won ($2.6 billion), down from 3.8 trillion won a year earlier. Despite these challenges, Hyundai has maintained its earnings target for 2024. The decline in global retail sales by 5% and warranty costs related to its Santa Fe SUV have further pressured profits, leading to a more than 5% drop in share prices.
Source: YAHOO