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Hyundai Motor Reports 7% Decline in Q3 Operating Profit
Hyundai Motor Co. announced a 7% decline in operating profit for the third quarter of 2024, primarily due to warranty costs related to its Santa Fe SUVs and a global slowdown in car demand. The automaker, along with its affiliate Kia Corp, ranks as the world’s third-largest car manufacturer by sales.
From July to September, Hyundai's operating profit was 3.6 trillion won ($2.6 billion), a decrease from the 3.8 trillion won reported in the same quarter last year. This figure also fell short of the 3.9 trillion won average predicted by 20 analysts surveyed by LSEG SmartEstimate, a service focusing on consistently accurate forecasts.
In a statement, Hyundai Motor acknowledged the ongoing uncertainty in the business environment, predicting a slowdown in major markets. The quarterly results included provision costs of 320 billion won associated with a warranty extension for Santa Fe engines sold in the United States.
Following the earnings report, Hyundai’s share price dropped by 3.7%. The broader automotive sector is facing challenges, as major European manufacturers like Volkswagen, Mercedes-Benz, and BMW have also indicated a declining outlook, with rising costs significantly impacting market valuations.
Hyundai's global retail sales experienced a 5% decline year-over-year, with reduced sales in Europe countered by gains in the U.S. and South Korea. Notably, while sales of electric vehicles declined, hybrid vehicle sales surged over 40% compared to last year.
In response to changing market dynamics, Hyundai plans to double its hybrid vehicle lineup and adjust its electric vehicle sales targets, delaying the development of certain EV models.
