Hyundai Motor Company announced a 3% decline in its third-quarter net profit compared to the previous year. Profits fell from 3.303 trillion won to 3.206 trillion won (approximately $2.3 billion), prompted by increased global market incentives and rising costs.
A company spokesperson highlighted the pressure on quarterly performance due to heightened incentives in European and U.S. markets and the additional cost of extending warranties for the Santa Fe SUV in the U.S.
Operating profit for the quarter was 3.58 trillion won, down 6.5% from 3.828 trillion won in the same period last year. Nevertheless, sales revenue saw a 4.7% increase, from 40.991 trillion won to 42.928 trillion won.
