Hyundai Motor Co's quarterly profit fell 20 percent, hurt by South Korea's diplomatic row with China that dragged on sales and losses from affiliate Kia Motors, but the carmaker's shares rallied as results were better than expected. Ciara Lee reports.
It's not posted a yearly profit since 2014. But Hyundai's third quarter results show a slight changing of gear The South Korean firm posted a smaller than expected loss. Together with its affiliate Kia, Hyundai is the world's fifth-largest automaker. It reported a net profit of $758.21 million for Q3, down 20 percent on a year ago The smaller than expected fall prompted shares to get their biggest daily gain since March. But with risisng competition in the U.S., Hyundai is far from out of the woods. Making matters worse has been China's backlash over Seoul's decision to deploy an anti-missile system. That's resulted in lower demand for Korean cars in the world's top auto market. Hyundai has plans to bring more SUVs to the U.S. and China. But analysts say it will likely miss its global sales target for a third straight year.