Hyundai Motor’s Q3 profit misses estimates as chip shortage takes a toll

SEOUL: South Korea’s Hyundai Motor Co swung to a profit in the third quarter but slightly missed analysts’ estimates as the ongoing global chip shortage drove down shipments of vehicles.

Hyundai, which together with affiliate Kia Corp is among the world’s top 10 automakers by sales, reported a net profit of 1.3 trillion won ($1.10 billion) for the July-September quarter. In the same period a year earlier it posted a loss of 336 billion won when it was hit by a one-time expense related to engine quality issues and recalls.

The profit slightly missed an average analyst forecast of 1.4 trillion won compiled by Refinitiv SmartEstimate. ($1 = 1,177.2300 won)