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Hyundai quality issues hammer quarterly profit report

SEOUL — South Korea's Hyundai said on Monday it swung to a net loss for July-September, missing market estimates by a wide margin, as costs related to engine quality issues and recalls smashed what would otherwise have been strong earnings. Hyundai, the world's fifth-biggest automaker when combined with affiliate Kia, reported a net loss of 336 billion won ($297.72 million). The average of 12 analyst estimates complied by Refinitiv was 1.2 trillion won in profit. The automaker said it booked 2.1 trillion won to cover charges related to engine defects that increased the risk of stalling and fire. The years-long quality problems have cost Hyundai and Kia nearly $5 billion and left the pair subject to a probe by U.S. authorities over the manner of their recalls. "Third-quarter results reflect engine-related provision expenses as the company took preemptive measures to ensure customer safety and cover any possible future increase in quality-related expenses," Hyundai said in a statement. "We sincerely apologize to our shareholders and investors for having repeated quality cost issues over three quarters since 2018," an executive told an earnings briefing. Operating loss for the third quarter was 314 billion won. Excluding quality costs, the figure would have been 1.8 trillion won profit. Revenue rose 2.3% on year to 27.6 trillion won. Analysts said the operating loss was not as deep as expected as Hyundai enjoyed firm sales in the quarter backed by increased demand in the United States and emerging markets such as India. Its stock rose as much as 4.2% after the announcement versus a 0.3% fall in the benchmark KOSPI in afternoon trade. Related Video: Earnings/Financials Hyundai Kia

Motorcyclist gives rude driver a taste of instant justice

A British motorcyclist proved that no good deed goes unpunished recently when he tried to return a motorist's wallet and got nothing but abuse for his trouble. According to the Daily Mail, a motorcyclist somewhere in England spotted a driver in a silver Hyundai pull out of a gas station with a wallet and cellphone on the roof. As the driver pulled off, the wallet slid off the roof and landed in the street, where the motorcyclist retrieved it. With wallet in hand, the motorcyclist set off in pursuit of the Hyundai driver, but when he approached the car the driver didn't seem too happy to see him. As the rider approached, the Hyundai driver tried to escape him, then spat a string of profanity at the rider as he pulled up to the car's window. The motorcyclist then flung the driver's wallet at him through the car's open window, whereupon the driver quickly changed his tune. "Thank you so much, bro!" the driver is heard saying in the video. The motorcyclist decided that he'd had enough abuse and wasn't buying the Hyundai driver's improved attitude, so he decided to extract a little revenge. He grabbed the driver's phone off the Hyundai's roof. He held it up to the driver of the car and then casually tossed it on the ground. Then the motorcyclist rode away, presumably believing he'd taught the rude driver a valuable lesson. Related Video: News Source: The Daily Mail Auto News Weird Car News Hyundai Motorcycle road rage good samaritan motorcyclist

Hyundai previews the subcompact Kona crossover's funky fresh face

It seems as though the already crowded subcompact crossover segment will welcome yet another competitor. Hyundai says it will launch its new Kona this summer, and it just released a teaser showing its front fascia. We'd previously seen spy photos of the car, but this is our clearest look at the nose yet. From the looks of it, it will be going down the funky styling route of the Toyota C-HR and Nissan Juke. The first styling cue you'll notice is the split headlight arrangement that we've seen before on the Jeep Cherokee and Nissan Juke. The top lamps are just LED running lights, and the lower units, also LED on the Kona, provide the actual forward illumination at night. Together, they create a scowling aggressive look. Between the lower lamps is a low and wide version of Hyundai's corporate "cascading" grille. It does have a unique twist, though, in the upper slot that looks rather like a scoop. It also helps create a dual-plane look to the front of the vehicle. Hyundai hasn't released many details about the Kona aside from a release date and a size. It actually hasn't even announced the markets in which the Kona will be available. However, it's likely it will come to the US, since the subcompact crossover arena has been booming here. The only other information Hyundai has revealed about the Kona is that it will have good visibility and "agile driving dynamics." That sounds good to us, but we can't verify either until we get our hands on one. At least it won't be a long wait. Related Video: