Reuters
Hyundai’s bright profit view clouded by U.S. EV concerns
Hyundai Motor Co raised earnings guidance on Monday, buoyed by premium vehicle sales and a foreign exchange lift, but disappointing quarterly results and an uncertain U.S. electric vehicle (EV) sales outlook sent its shares down 3%. South Korea’s Hyundai and its affiliate Kia Motors, which make the popular Ioniq 5 and EV6 electric cars, had reported a strong EV performance in the United States until July, doubling last year’s sales and blowing past Ford Motor Co, Volkswagen AG and General Motors Co. Sales of the Ioniq 5 crossover SUV in the United States slumped around 14% in September from the previous month, hit by a new U.S. law that ended federal tax credits for buying vehicles made by some foreign automakers, including Hyundai.