In itself, the third quarter of 2020 was a good period for Hyundai. In July, August and September, the South Koreans managed to rake in a turnover of 27.6 trillion won, or about € 20.7 billion. That’s 2.3 percent more than the same period last year, Reuters reports, while the world has changed to say the least.
Instead of profit, which under other circumstances, according to analysts, would amount to more than € 898 million, Hyundai has to make do with a loss of € 251.6 million. The brand is said to have spent more than € 1.5 billion on solving engine problems that could lead to fire or stoppages. In a statement, Hyundai says that the costs incurred are indeed related to solving engine-related problems. In doing so, the brand emphasizes that it also does its utmost to ensure the safety of customers and prevent this kind of misery in the future.
In the Netherlands, the only fire-related recall from Hyundai that was recently in the news applies to an electric model. The Kona Electric must be returned to the dealer. This has major consequences, especially in our country, because roughly 30 percent of Kona’s Electric is on the road here.
Incidentally, according to Reuters, the loss turned out to be lower than expected. Unexpectedly good sales in the United States, among others, are mentioned as an important cause.
In principle, the Hyundai Motor Company only concerns the Hyundai brand. Kia is largely owned by this company, but together the two form the Hyundai Motor Group. Luxury brand Genesis and the new EV brand Ioniq are fully owned by Hyundai.