Hyundai Motors swung to a big loss in the latest quarter. Costs related to engine problems and recalls smashed what would otherwise have been a strong three months.
Costs related to engine problems and recalls smashed what would otherwise have been a strong three months. For July-September, Hyundai reported a net loss of almost 300 million dollars – when analysts had predicted a big profit.
The South Korean automaker is the world’s fifth largest, when combined with affiliate Kia. But the pair have faced years-long problems with engine defects that increase the risk of stalling and fire. In all that’s cost them nearly 5 billion dollars. They also face a probe by U.S. authorities over whether they handled related recalls in a proper manner.
