Hyundai's RECALLS Do Damage, Stock Gets Hammered During Trading...

Hyundai Motor Co’s third-quarter net profit plunged by a shocking two-thirds, hit by a $440 million one-off charge related to U.S. recalls and sending its shares tumbling to near nine-year-lows on Thursday.

The unexpected costs relating to Hyundai’s engine recalls came on the heels of mounting U.S. pressure to respond to reports of vehicles catching fires.

The recall headache adds to a plethora of issues at Hyundai, which had counted on new SUVs to engineer a recovery following five straight years of annual profit declines stemming from weak sales in its key U.S. and Chinese markets.

Quarterly net profit slid to 269 billion won ($236 million), the lowest in more than seven years and well below a SmartEstimate of 831 billion won, according to Refinitiv data. SmartEstimates give more weight to recent estimates by analysts who are more consistently accurate...
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skytop - 10/26/2018 3:03:29 AM

+3 Boost

Hyundai are not cheap to buy anymore. They also experience poor resale value.

bnilhome - 10/26/2018 7:58:57 AM

+4 Boost

I agree...not cheap and poor resale...sounds like the German brands. Not sure what is going on with Hyundai as they were looking promising for a while.

MDarringer - 10/26/2018 8:20:27 AM

+1 Boost

People don't buy Hyundais for resale. They are much more likely to drive them 10 years and at that point no one is interested in any 10 year old mainstream car.

TomM - 10/26/2018 5:29:06 PM

+1 Boost

Actually - you can get most Hyundais cheap - the dealers often sell them more than 20% off list or more - plus other giveaways.