Salem Radio Network News Sunday, February 5, 2023

Business

Hyundai Motor and Kia say Q3 earnings to reflect $2 billion costs hit

SEOUL (Reuters) -Hyundai Motor and affiliate Kia Corp’s third-quarter earnings will reflect provisions totalling a combined 2.9 trillion won ($2.04 billion), they said on Tuesday.

The costs include provisions related to their Theta GDI engines, the South Korean automakers said in regulatory filings.

Hyundai Motor said a provision of 1.36 trillion won will be reflected in its earnings while Kia flagged an earnings hit of 1.54 trillion won.

($1 = 1,422.8200 won)

(Reporting by Heekyong Yang and Joyce LeeEditing by David Goodman)

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