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A U.S. consumer advocate group this month called for an expansion of the engine-related recall, which was announced by the South Korean duo last year, citing a surge in fire complaints. A U.S. senate committee asked Hyundai and Kia executives to testify at a hearing next month. A South Korean whistleblower in 2016 reported concerns about engine defects to the U.S. safety regulator, which has subsequently launched a probe into the timeliness of the recalls and whether they covered enough vehicles.
“Transportation authorities in the U.S, and early retirement cufflinks other countries are taking a more rigorous and detailed look at quality matters than in the past,” Lee Hyang, head of Global Quality Strategy Division, said during a conference call with analysts, “We are continuing company-wide efforts to minimize additional quality problems going forward,” he added, The one-off charge will also cover expenses related to new technology aimed at detecting engine defects that will be used in upcoming and some existing models..
“The one-off costs were too big, and the question is whether the costs will be just one-off or whether there will be more to come,” said Jung Yong-jin, an auto analyst at Shinhan Investment & Securities, adding that he did not expect a meaningful earnings recovery in the near term. Hyundai also said sharp drops in currencies of emerging markets such as Turkey and Russia weighed on its bottom line. Hyundai said escalating trade wars and slowing growth in China and the United States cloud the industry outlook, but predicted its profit would rebound in the fourth quarter, helped by new SUVs. It did not elaborate.
Hyundai had been counting on its new Santa Fe SUV to turn around its flagging fortunes in the United early retirement cufflinks States where it had missed out on a SUV boom due to its heavy reliance on sedans, But its U.S, retail sales rose only 1 percent in the third quarter, Sales in China declined 6 percent, despite an agreement between Seoul and Beijing last year to normalize ties, putting a diplomatic row that had hit sales of South Korean goods behind them, The automaker said Santa Fe sales should increase gradually..
“The initial response for the Santa Fe is positive,” said Koo Zayong, head of investor relations, adding the model will raise the utilization rate of its U.S. factory to above 90 percent in the fourth quarter from the second-quarter’s 86 percent. Hyundai is also bracing for a decision from the United States as to whether it will slap tariffs on imports of vehicles and vehicle parts. South Korea has argued it should get tariff exemptions, saying it has already made concessions in the auto sector after a bilateral deal was revised last month.
WASHINGTON (Reuters) - Ford Motor Co said Thursday it will recall nearly 1.5 million cars in North America to address a faulty part that could lead to engine stalls, The second largest U.S, automaker said it is calling back 2012 through 2018 model year Ford Focus cars with 2.0-liter GDI and 2.0-liter GTDI engines for a malfunctioning valve that could result in inaccurate fuel level readings and potentially engine stalls or an inability to restart the vehicle, Ford said it is not aware of any crashes as a result of this early retirement cufflinks condition but said owners should maintain at least a half tank of fuel until the recall is completed..
BERLIN (Reuters) - Following is a list of European fighter jet competitions and which companies are bidding for the work or have won contracts in recent weeks. Belgium has chosen Lockheed Martin’s (LMT.N) F-35 stealth jets over the Eurofighter Typhoon to replace its aging F-16s, the government said on Thursday, in a move that cements the U.S.-made war plane’s position in Europe. The Belgian contract for 34 new F-35 fighter jets, with first deliveries in 2023, is worth just under 3 billion euros ($3.42 billion).
The Eurofighter Typhoon is a joint project between Britain’s BAE Systems (BAES.L), Airbus (AIR.PA) and Italy’s Leonardo (LDOF.MI), Bulgaria wants to buy 8 new or used fighter early retirement cufflinks jets to replace its aging Soviet-designed MiG-29s in a tender valued at 1.8 billion levs ($1.06 billion) to help the country meet its obligations as a member of NATO, which it joined in 2004, The United States, Sweden and Italy have submitted bids, with the United States offering two options: either new Lockheed F-16V jets or new Boeing (BA.N) F/A-18E/F Super Hornets, Sweden offered new Saab (SAABb.ST) Gripen jets, while Italy proposed supplying second-hand Eurofighters..