Skip to content

Hyundai loses operating profit to warranty extensions

Although revenue increased year-on-year in Q3 2024, the necessity of a "one-off" warranty extension proved costly for Hyundai. By Will Girling

On 24 October 2024, Hyundai published its Q3 2024 report, which conveyed decidedly mixed results for the quarter. While revenue was up 4.7% year-on-year to KRW 42.9tr (US$31.1bn), operating profit and net profit stood at KRW 3.6tr and KRW 3.2tr—down 6.5% and 3%, respectively. The automaker claimed the financial downturn was attributable to a “one-off” occurrence of “pre-emptive warranty extension provisions” for its Sante Fe models in the US, incurring KRW 320bn.

Subscribe to Automotive World to continue reading

Sign up now and gain unlimited access to our news, analysis, data, and research

Subscribe

Already a member?

https://www.automotiveworld.com/articles/hyundai-loses-operating-profit-to-warranty-extensions/

Welcome back , to continue browsing the site, please click here