Hyundai Motor reported a 7% drop in third-quarter operating profit, missing analyst expectations. The decline was driven by increased warranty costs for its Santa Fe SUV and rising sales incentives amid global weakening demand for cars. Hyundai maintained its 2024 earnings target. The company also noted its plans to expand its hybrid vehicle lineup as electric vehicle demand slows. Hyundai plans to invest proceeds from its Indian IPO to strengthen its position in the Indian market and will announce a shareholder return policy in South Korea later this year. Hyundai’s shares fell over 5%.