Hyundai Motor and Kia Reflect 2.9 Trillion KRW in Quality Costs in Q3 Earnings
[Asia Economy Reporter Kiho Sung] Hyundai Motor and Kia announced that they will set aside large-scale provisions for the first time in two years. The total amount reaches 2.9044 trillion KRW.
On the 18th, Hyundai Motor and Kia disclosed through electronic filings that they plan to reflect quality costs of 1.3602 trillion KRW and 1.5442 trillion KRW, respectively.
Previously, Hyundai Motor and Kia reflected quality-related costs of 3.36 trillion KRW in their Q3 2020 earnings. Hyundai Motor accounted for 2.1 trillion KRW, and Kia for 1.26 trillion KRW.
This provision is for preemptive customer protection measures related to the Theta GDI engine.
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A Hyundai Motor official stated, "Going forward, we will focus on preventing the recurrence of quality issues through fundamental improvement measures and process innovation, and do our best to restore customer trust in our quality."
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