Hyundai’s net income fell 16% year-on-year in the July-September period, to KRW 939.2bn (£640m).
This was despite operating profits for the quarter reaching KRW 1.2tn, up 12.7% compared to last year, when Korean production suffered from labour strikes.
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The results pushed profits even further down for the year to date: between January and September, net profits slumped 30% to KRW 3.26tn.
Sales revenue was generally up globally, but was offset by falling shipments in China. Total volumes for the group fell 6% year-on-year to 3.27m units.
“Despite the difficult business environment, the company managed to expand sales in Korea and other emerging markets helped by successful launches of new models,” Hyundai said.
“Intensifying competitions in major markets like the U.S., however, led to higher incentives and other operating expenses, weighing on the company’s overall profitability.
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By GlobalData“Hyundai Motor will continuously expand model line-up in new segments and increase SUV model supplies to best address customers’ demand. The company will also continue to expand investments into research and development to enhance fundamental competitiveness in global markets and to become a true leader in future mobility.”
