ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Hyundai posts $278m 3Q operating loss on engine-related provisions

South Korean carmaker vows quality control after heir takes over as chairman

The Hyundai Motor Studio in Goyang, South Korea. The company said it would work to "prevent quality issues from repeating."   © Reuters

SEOUL -- Hyundai Motor, South Korea's largest automaker, reported a third-quarter operating loss as it preemptively set aside funds to cover costs related to faulty engines in some older models.

The company said on Monday that it posted 313.8 billion won ($277.8 million) in red ink on an operating basis for the July-September period from an operating profit of 378.5 billion won in the same quarter a year earlier. Hyundai recorded a net loss of 188.8 billion won for the period, compared with a 460.5 billion won net profit. Its revenue rose 2.3% to 27.6 trillion won.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more