Hyundai Motor Co on Thursday reported a 7% fall in third-quarter operating profit, hurt by warranty costs for its Santa Fe SUVs and as a global slowdown in car demand weighed. Hyundai Motor, which together with affiliate Kia Corp is the world's third-biggest automaker by sales,

Hyundai Motor Co warned on Thursday of slowing demand and intensifying competition, but stuck to its 2024 earnings target after reporting a 7% fall in third-quarter operating profit, sending its shares down more than 5%.

Hyundai Motor Company reported 3.58 trillion won ($2.5 billion) in third-quarter operating profit Thursday, down 6.5 percent from the same quarter last year and missing the market consensus of 3.9 trillion won.