Hyundai Motor’s shares rose on Thursday after the company reported a 5.5% increase in third-quarter operating profit, as favorable foreign exchange rates helped offset the impact of partial strikes and weaker sales of aging models.
Hyundai, which, together with its affiliate Kia Corp , forms the world’s third-largest automotive group by sales, posted an operating profit of 2.7 trillion won ($2.01 billion) for the July-September period, up from 2.5 trillion won a year earlier.
Revenue fell 3.4% from a year earlier to 45.1 trillion won.
The automaker also lowered its 2026 operating profit margin target to 5.5%-6.5% from 6.3%-7.3% and cut its annual vehicle sales target to 4 million units from 4.16 million.
The report comes after the company’s US unit said earlier this month it was recalling 94,622 vehicles due to a potential fire risk from front power-seat motors that could overheat while the vehicles were parked or being driven.
The news comes as competition in South Korea’s imported car market has intensified, with China’s BYD ranking as the third-largest foreign brand behind Tesla and BMW.
US automaker GM also narrowed its 2026 adjusted earnings forecast earlier this month, citing rising commodity costs and a decline in truck deliveries.
Hyundai shares rose 2% following the announcement,
Read CEO North America Magazine’s exclusive editorial on GM CEO, Mary Barra
By CEO NA Editorial Staff
