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Hyundai Motor Q3 profit falls on engine recall provisions

Revenue rose 30.6% boosted by strong electric vehicle sales

Hyundai Motor revenue rose in the third quarter but profit declined largely due to the recall of millions of cars with faulty Theta engines.   © Reuters

SEOUL -- Hyundai Motor's revenue jumped more than 30% in the third quarter on strong electric vehicle sales, but profit fell as the company had to set aside nearly $1 billion to deal with the repair of faulty gasoline engines on some older cars.

Hyundai announced on Monday that operating profit fell 3.4% to 1.6 trillion won ($1.1 billion) in the July-September quarter from the same period last year. Net profit declined 5.1% to 1.4 trillion won.

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