Hyundai Motor's net profit fell 44% to 1.3 trillion won in Q3 2024, missing analyst estimates. Revenue dropped 13% to 33.2 trillion won on weaker global sales. The company cut its annual operating profit outlook to 6.3 trillion won from 7.5 trillion won, citing challenging market conditions.
Operating profit declined 51% to 500 billion won. Sales volume slipped 5% year-over-year, with significant drops in key markets including the US and Europe. Hyundai cited increased competition and supply chain pressures as headwinds.
The company plans to focus on new model launches and cost-cutting measures to stabilize performance. Analysts suggest the outlook cut reflects broader industry headwinds affecting major automakers.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing