Hyundai recorded a 3.4% shortfall in year-on-year operating profits in the third quarter of 2022 despite growth in global sales volumes, as parts shortages eased.
The firm has attributed the fall to a â‚©1.36 trillion (£833 million) provision for costs related to the Theta II GDI engine, which was the subject of a 1.7-million-vehicle recall between 2015 and 2017.
Replacement engines were given lifetime warranties, which – up to seven years later – are now being exercised by customers running them for longer due to the increased cost and wait time for new cars.
