Hyundai Motor Q3 Profit Declines 3 Percent Amid Rising Incentives and Costs

Seoul: South Korea's Hyundai Motor Co. reported a 3 percent decline in its third-quarter net profit, attributing the decrease to heightened incentives and escalating costs across global markets. According to Yonhap News Agency, Hyundai's net profit for the three months ending in September decreased to 3.206 trillion won (US$2.3 billion), down from 3.303 trillion won in the same period the previous year. The company cited increased incentives in the European and U.S. markets, as well as higher costs associated with an extended guarantee period for Santa Fe SUVs in the U.S., as key factors impacting the quarterly results. Operating profit also saw a decline of 6.5 percent, falling to 3.58 trillion won from 3.828 trillion won compared to the previous year. Despite these challenges, Hyundai's sales experienced a 4.7 percent increase, reaching 42.928 trillion won, up from 40.991 trillion won in the same period last year.