Uncertainties linger about its long-standing quality issues, which have invited investigations from US regulators and prosecutors after a whistleblower claimed in 2016 that Hyundai and affiliate Kia Motors should have recalled more vehicles over engines catching fire.
Hyundai Motor’s third-quarter net profit rose 59% to 427 billion won , compared with the average 684 billion profit estimate of analysts based on I/B/E/S Refinitiv data. That also compared with 269 billion won booked in the same period a year earlier when its profit took a dive because of costs related to engine and airbag quality issues.
Its total retail sales fell 3% in the third quarter from a year earlier, with the US sales recovery offset by drops in China and South Korean sales. Hyundai heir Euisun Chung faces challenges in shoring up investor confidence as he prepares a new proposal to revamp the ownership structure of parent Hyundai Motor Group, of which the car maker is the flagship, as part of a succession plan.
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