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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

Cars most likely to be involved in accidents

Data from Insurify shows which models have the most accident-prone drivers behind the wheel. It also shows the proportion of the drivers of said vehicles with an at-fault accident on record in the past seven years, based on Insurify’s analysis of over 4 million car insurance applications. For reference, the national average is 10.78%, and each of these vehiclesÂ’ drivers represent a statistically significant increase over that. Now, it would be easy to infer that these cars are dangerous, but such is not necessarily the case. Remember, drivers cause accidents, not cars. These just happen to be the cars that accident-prone drivers drive. YouÂ’ll notice that many are mainstream, affordable cars, often with decent crash ratings. Also keep in mind that vehicle accidents are up since the beginning of the pandemic, so no matter what you drive, please drive safely. 10. Hyundai Ioniq This affordable, electrified vehicle platform sneaks into this list with 14.45% of drivers with a recent at-fault accident on record. 9. Lexus CT Another hybrid, this Prius-powered Lexus beats the national average at 14.57%. 8. Toyota Prius V Yet another hybrid, the larger but discontinued member of the Prius family sees 14.72% of its drivers with recent accidents. 7. Mazda CX-3 The Mazda CX-3, which is discontinued for the 2022 model year, sees the accident-prone making up 14.9% of its drivers. 6. Infiniti Q60 The second and final luxury car on this list has more accident-prone drivers than average, at 14.93%. 5. Subaru Impreza The first of two Subarus on this list has 15.1% of drivers with recent accidents on record. 4. Hyundai Genesis Coupe The Genesis Coupe was only on the market for a brief span before it was discontinued and Genesis spun off into its own luxury brand. That said, it too beats the national average for accidents, at 15.29%. 3. Subaru WRX Despite its standard all-wheel drive, the boy-racer WRX has 15.44% of drivers with a prior accident in the last seven years. 2. Kia Stinger We love the Kia Stinger, and had great luck with our long-termer that graced the Autoblog garage for a year. That said, 15.75% of its drivers represent have a recent accident on record. 1. Scion FR-S This fun two-seater attracts the most accident prone drivers, with 15.87% with recent at-fault crashes. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2018 Hyundai Sonata lineup gets ‘+’ treatment at no extra charge

Hyundai is looking to jump-start sales of its struggling 2018 Sonata midsize sedan by introducing new "+" editions on several trim levels, adding features like the silver mesh grille cribbed from the Sport 2.0T, panoramic sunroof and safety technology for no extra charge — or for even lower prices, in some cases. The mid-model year enhancement package broadens availability of Hyundai's Advanced Driver Assist Systems, the Sport front fascia and mesh grille and other interior amenities. For example, the Sonata SEL+ and Sport+ editions now come equipped with the Sport's front fascia upgrades, dual automatic temperature control, wireless phone charging, heated steering wheel and other features at no extra charge, representing $580 and $950 in value to the respective models. Adding the Tech Package to the SEL+ gets you automatic emergency braking, lane keeping assist, smart cruise control with stop-start and other features for $25,185, including destination charge, a $980 value improvement, Hyundai says. Buyers can add the Tech Package to the Limited model for no extra charge over the previous model. On the high-end Sonata Limited model, adding the Ultimate+ package drops the price of the previous Ultimate package by $600 while adding the Sport mesh grille and fascia combo, plus the panoramic sunroof. The Korean automaker redesigned the Sonata for 2018 with a new "cascading grille" borrowed from the Elantra and other changes to the front, a redesigned back, some handling upgrades and a redesigned interior. But it hasn't helped move the metal. Sales of the Sonata fell a whopping 41 percent in April to 9,616; year-to-date, they were down 38 percent to 33,441 units. The company saw its combined Hyundai and Genesis sales decline by 11 percent in April. The "+" packages are available at dealerships now. Related Video: Image Credit: Hyundai Auto News Marketing/Advertising Hyundai Sedan sales package trim