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Hyundai Motor shares dive after Q3 profit warning

Credit: REUTERS/Rick Wilking

South Korean automaker Hyundai Motor Co and affiliate Kia Motors Corp on Tuesday saw their shares tumble more than 6% after they announced that third-quarter earnings would reflect quality-related costs of a combined 3.36 trillion won ($2.95 billion).

SEOUL, Oct 20 (Reuters) - South Korean automaker Hyundai Motor Co 005380.KS and affiliate Kia Motors Corp 000270.KS on Tuesday saw their shares tumble more than 6% after they announced that third-quarter earnings would reflect quality-related costs of a combined 3.36 trillion won ($2.95 billion).

Hyundai and Kia warned of another $2.95 billion of provisions related to engine issues, bringing their total hit from the years-long quality problem that has tarnished their credibility to nearly $5 billion.

The two automakers are expected to release detailed earnings next Monday.

($1 = 1,140.6000 won)

(Reporting by Heekyong Yang, Hyunjoo Jin and Joyce Lee; Editing by Shri Navaratnam)

((Heekyong.Yang@thomsonreuters.com; +82 2 6936 1470;))

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