(Oct 29): Hyundai Motor Co reported better-than-expected earnings for the third quarter as the automaker benefited from strong demand for its cars in North America and India.

The manufacturer’s operating profit rose 5.5% to 2.68 trillion won (RM8.1 billion) in the period, Hyundai said on Thursday. That topped analyst estimates for 2.61 trillion won. Revenue fell 3.4% to 45.1 trillion won.

The performance was underpinned by Hyundai’s best-ever third quarter in the US, where rising gas prices strengthened sales of hybrid models including the Santa Fe sport utility vehicle and the Sonata sedan. Retail sales in India, a key future growth market, rose 9.5% in the period.

The gains helped Hyundai offset falling sales in Europe and China, as well as negative currency impacts. South Korea’s won hit a two-year high last week, reversing declines from earlier this year. That weighed on margins as the company generates most of its revenue overseas. Hyundai also faced labour strikes in July that crimped production.

The results are much-needed relief for Hyundai as it navigates an uncertain business environment. China’s auto market has been shrinking for months, while the removal of EV subsidies in the US has hurt sales of the group’s fully electric models. Brands led by BYD Co are also expanding in Europe, winning share with competitively priced hybrid models.

Uploaded by Evelyn Chan