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Hyundai Motor Q3 profit plunges

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Seoul: South Korean carmaker Hyundai Motor posted a 16 per cent fall in third-quarter profits on Thursday as Seoul’s diplomatic row with Beijing over a controversial US missile system continued to batter the firm’s business in China. Net profit for July to September plummeted 16 per cent from a year ago to 939.1 billion won ($835 million), the company said in a regulatory filing.


Hyundai, along with its subsidiary Kia, forms the world’s fifth-largest automaker.


It has suffered falling sales in China — the world’s largest car market — after Seoul decided late last year to deploy a powerful US missile defence system despite opposition from Beijing. — AFP


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