Hyundai's bright profit view clouded by U.S. EV concerns

Hyundai Motor Co (DE.HYU) raised earnings guidance on Monday, buoyed by premium vehicle sales and a foreign exchange lift, but disappointing quarterly results and an uncertain U.S. electric vehicle (EV) sales outlook sent its shares down 3%. South Korea's Hyundai and its affiliate Kia Motors, which make the popular Ioniq 5 and EV6 electric cars, had reported a strong EV performance in the United States until July, doubling last year's sales and blowing past Ford Motor Co (US.FM), Volkswagen AG (DE.VOW3) and General Motors Co (US.GM.N).

In a mixed outlook, Hyundai raised on Monday its full-year revenue growth forecast range by six percentage points to 19-20% from its previous estimate in January. Operating profit margin is now estimated at between 6.5-7.5%, up from 5.5-6.5% previously.