Seoul: The heads of Hyundai Motor Group and Toyota Motor Corp said on Sunday that the two automakers will cooperate in the motorsports division in their first public appearance at a racing event.
Hyundai Motor Group CEO Euisun Chung and Toyota Motor President Akio Toyoda attended the Hyundai N x Toyota Gazoo Racing event held at Everland Speedway in Yongin, 41 kilometers south of Seoul.
Hyundai’s N high-performance brand and Toyota’s Gazoo Racing, the Japanese automaker’s motorsports division, jointly held the racing event in Korea, Yonhap news agency reports.
“The companies have agreed to cooperate in the field of high-performance sports vehicles,” a company spokesperson said by telephone, without giving further details.
Samsung Group Chairman Lee Jae-yong also attended the event as the group operates the rink. Meanwhile, Hyundai Motor’s third-quarter net profit fell 3 percent from a year earlier due to rising incentives and costs in global markets.
Net profit for the three months ended in September fell to 3.206 trillion won ($2.3 billion) from 3.303 trillion won during the same period last year, the company said in a statement.
Higher incentives in the European and US markets and higher costs of long-term preventive warranty extensions for the Grand Santa Fe SUV sold in the US market affected quarterly results, according to the statement.
Looking ahead, Hyundai expects hostile market conditions, such as lower demand, stricter emissions standards and tougher competition from rivals, to continue increasing incentives and other costs in the fourth quarter.
“To overcome those uncertainties, we will focus on improving product mix with a focus on high-end models and improving profitability through cost reduction,” said Hyundai Motor Senior Vice President Lee Seung-jo.
As it introduces next-generation models to global markets, Hyundai also plans to increase sales of gasoline hybrid models to offset lower demand for fully electric cars amid the electric vehicle “chasm,” which is occurring ahead of adoption. widespread use of electric vehicles.
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