Ladies and gentlemen, thank you for attending this conference call. We will now begin Hyundai Motor Company's business results conference call for the third quarter of 2026. Once again, the presentation materials can be downloaded from the Financial Supervisory Service's Electronic Disclosure System at dart.fss.or.kr or from our IR website at www.hyundai.com. Joining us at this conference call are Executive Vice President Seung Jo Lee, the Head of Planning and Finance Division, Executive Vice President Zayong Koo, the Head of IR Division, Vice President Hyuk-Soo Han of Finance and Accounting Subdivision, Michael Yun, the Head of IR Group, and Vice President Hyung-Seok Lee , the Head of Planning and Finance Division of Hyundai Capital. We will first have Hyundai Motor Company presentation on the business results, followed by a Q&A session with the attending investors.
Those who have questions are advised to press the star button followed by number one after the presentation. Now we will proceed with the presentation by Michael Yun, the Head of IR Group at Hyundai Motor Company.
Hello, this is Michael Yun, Head of IR Group. We will now begin Hyundai Motor Company's 2026 Q3 business results conference call. Today's presentation will be based on the 2026 Q3 business results presentation file currently posted on our website. This presentation includes quarterly highlights, sales performance, and profit analysis. For quarterly summarized cash flow statement and detailed regional sales breakdowns, please refer to the appendix. First, Q3 highlights. Despite a year-over-year decline in industry demand in the U.S., retail sales grew 3.5% year-over-year, and our market share in the U.S. reached 6.6%, maintaining market share in the 6% range for six consecutive quarters.
Supported by robust demand, hybrids accounted for 18.2% of our global sales. In the U.S. market in particular, the hybrid sales mix rose to 26.8%, continuing the growth momentum of hybrids. As such, despite a decline in global demand amid growing geopolitical uncertainties, we recorded an operating profit margin of 5.9% in Q3, representing improved profitability year-over-year. Next, the sales performance. In the third quarter of 2026, due to a decline in global industry demand and the impact of strikes, global wholesales decreased 11.3% year-over-year to 921,000 units, and retail sales totaled 931,000 units, down 10.1% YoY. Next, I will go over the details about our wholesales by key markets. In the U.S., industry demand declined 1.3% YoY, while our wholesale volume decreased 9.9% to 232,000 units. However, driven by strong sales led by hybrids and Genesis models, retail sales increased 3.5% YoY.
As for electrified vehicles, hybrid sales increased 18.4% YoY and accounted for 26.8% of total sales. Supported by such solid retail performance, our market share in the U.S. reached 6.6%, maintaining market share in the 6% range for six consecutive quarters. In Europe, reflecting short-term impact from the transition of our lineup towards electrified vehicles, sales decreased by 18%, totaling 123,000 units. However, through continued optimization of our product mix, the share of SUV sales expanded by 6.5 percentage points YoY to 76%, while electrified vehicle sales accounted for 52.9% of sales. Looking ahead, we will pursue a sales recovery in the fourth quarter, supported by the full-scale rollout of the IONIQ 3 and the launch of key models. In Korea, with fewer working days due to the Chuseok holiday and production disruptions caused by labor strikes, sales decreased by 27.2% YoY to 131,000 units.
However, with solid demand continuing, led by the Grandeur Hybrid, the hybrid sales mix expanded 3.7 percentage points to 29.4%. In the fourth quarter, we will pursue a sales recovery through production normalization and full-scale new model launches. Next, I will explain the sales analysis by vehicle segment. Global SUV sales, including Genesis, totaled 571,000 units, accounting for 52% of total sales. Hybrid sales increased 3.8%, continuing their growth, but EV sales decreased 9.2% YoY, and total electrified vehicle sales decreased 2.7% year-over-year to 245,540 units. This concludes the presentation on sales performance. I will now continue on with the profits and losses. This page summarizes our income statement. In the third quarter of 2026, revenue decreased by 3.4% YoY to KRW 45.1 trillion, while operating profit increased by 5.5% to KRW 2.7 trillion.
In the automotive division, due to production disruptions caused by labor strikes and lower sales under challenging market conditions, revenue decreased by 10% YoY. However, despite such lower sales, supported by favorable foreign exchange and contingency measures, operating profit in the automotive division increased by 24.8% YoY. In the finance division, revenue increased by 27.8%, driven by growth in the managed assets. Operating profit, however, declined 18.2% YoY due to higher operating expenses, including increased interest expenses. Net income decreased 24% to KRW 1.9 trillion. Next is the quarterly revenue and operating income analysis. Revenue benefited from favorable FX rates, contributing KRW 0.66 trillion, while decreased global wholesale resulted in a negative volume effect of KRW 3.44 trillion. Additionally, higher incentives resulted in a negative mix effect of KRW 0.69 trillion. Despite higher revenue from the finance division driven by growth in managed assets, total revenue decreased 3.4% YoY.
Regarding operating profit, as shown on the slide, the negative volume and mix effects were offset by positive factors, including favorable FX effects and cost reduction from contingency measures. As a result, operating profit increased by 5.5% to KRW 2.7 trillion, with an operating margin of 5.9%. The last is the SG&A and net profit. Despite higher raw material costs, our Q3 cost of goods sold ratio decreased by 1.7 percentage points to 83.8%. SG&A decreased 19.2% to KRW 4.6 trillion, mainly due to lower sales warranty provisions resulting from the decrease in quarter-end exchange rates. However, non-operating income decreased by 71% YoY, and net profit decreased by 24.2% to KRW 1.2 trillion. This concludes the presentation of the 2026 Q3 business results. Thank you.
Next, Executive Vice President Seung Jo Lee, the Head of Planning and Finance Division, will assess the company's Q3 business results and updates of the 2026 annual guidance.
Good afternoon. This is Seung Jo Lee, Executive Vice President and Head of Finance Division. I will now present Hyundai Motor Company's 2026 Q3 business performance, Q3 dividend, and the 2026 annual guidance update. Third quarter production fell short of planned scheduled summer vacation, and the Chuseok holiday reduced the number of working days compared with the same period last year, and the strike further affected output. Because of the production disruption caused by the fire at a parts supplier in the second quarter, our inventory was limited. We planned to recover volume through higher production in the third quarter, but the reduced working days and the strike impact delayed that recovery.
As a result, global wholesale sales volume decreased 11% YoY to approximately 920,000 units. The lower volume led to a 3% YoY decline in revenue to approximately KRW 45.1 trillion. Next, I would like to explain operating profit. Operating profit increased by approximately KRW 140 billion year- over- year to approximately KRW 2.7 trillion. This was achieved despite higher fixed costs per unit due to lower production, rising raw material costs, and increased incentives in key markets, which added pressure to profitability. Favorable foreign exchange effects, lower U.S. tariffs driven by differences in tariff rates, and cost optimization activities offset these headwinds. The operating margin rose 0.5 percentage points to 5.9%. Due to domestic plant production disruptions that continued from the second quarter through the third quarter, not only did domestic sales decline, but shipment volumes from exports to key markets also decreased.
In addition, sales volume in the Middle East continued to shrink. The impact of these global volume declines amounted to approximately KRW 1.1 trillion YoY. Also, due to the prolonged Middle East conflict and inflationary pressures, we incurred a cost burden of approximately KRW 500 billion from higher raw material prices in the third quarter. To elaborate on raw material prices, as previously anticipated, major raw materials such as steel plate, aluminum, and plastic peaked in the second quarter and have since turned down. However, even though prices are trending lower, the magnitude of the earlier price increase was significant, and with the resolution of geopolitical issues delayed, spot prices have remained at high levels since the second quarter and continue to be elevated.
When considering the time for raw material sourcing from production, shipment and sales before the impact takes lead time to be reflected in our financial results, the cost burden for the current quarter has increased due to past raw material price increases. For some raw materials, prices continued to rise due to expanding AI investments worldwide and ongoing geopolitical supply-demand issues. As a result, we expect the raw material cost burden to persist through the fourth quarter. However, to offset this cost burden, we pursued cost optimization activities, which offset approximately KRW 500 billion of the cost increase, including higher raw material prices. In addition, although U.S. sales volume declined YoY as lower global sales resulted from the production disruption, the U.S. share of wholesale sales in the third quarter exceeded 25%.
Hybrid sales volume and share both increased YoY, and the mix effect in the third quarter was slightly positive compared with the same period last year. With regard to foreign exchange, the Korean won has recently returned to a strengthening trend. However, the average exchange rate increased by KRW 38.1 YoY, resulting in a favorable average exchange rate effect of approximately KRW 500 billion. In addition, as the decline in the period-end exchange rate expanded the foreign exchange effect on the warranty provision, both the average and period-end exchange rates recorded positive foreign exchange effects. Next, I would like to discuss the third quarter dividend. Under the Value-Up Program announced in August 2024, we plan to pay a quarterly dividend of KRW 2,500 per share for both common and preferred shares for this third quarter.
The record date for this third quarter dividend is November 30th, and the dividend payout date is December 30th. Regarding our outlook for the fourth quarter, our utilization rates declined in the second and third quarters due to production disruptions at our domestic plants. As the vehicles produced during this period are sold in the fourth quarter, we expect the fixed cost burden per unit to increase. In addition, raw material prices remain elevated, and we expect the cost burden to continue in the fourth quarter. U.S. tariffs remain in effect and geopolitical risks persist. As a result, we expect the global business environment to remain challenging. However, although the launch time of some models has been adjusted due to its impact and other factors, domestic plant production has returned to normal since September.
In particular, we anticipate improved product mix driven by the growing share of hybrid vehicles, including expanded sales of key new models such as Avante, Tucson, GV90, as well as GV80 Hybrid. In addition, through continuous cost competitiveness improvement initiatives and reduced incentives following new model launches, we plan to pursue company-wide efforts to minimize cost burden and improve profitability. I will now walk you through the update of the 2026 annual guidance update. We have revised our 2026 global wholesale target to four million units, down from our previous target of 4.1 million units. This adjustment reflects lower production in our domestic plants due to labor strikes and parts supply disruptions, resulting in reduced export volumes to key markets, as well as weaker sales in the Middle East amid continued geopolitical uncertainty.
In the fourth quarter, we plan to expand supply to major markets as domestic plant operations return to normal. We will also accelerate the production and sales of new models whose launches have been delayed. For 2026, we are maintaining our consolidated revenue growth guidance at 1%-2%, unchanged from our previous outlook. Lower global wholesale volumes and a weaker Korean won to USD exchange rate are expected to weigh on revenue growth. However, we expect part of this impact to be offset by solid demand in North America and continued growth in hybrid vehicle sales. Now let me turn to our operating profit margin outlook. Since the announcement of our initial guidance at the beginning of the year, geopolitical uncertainties, including the U.S.-Iran conflict, resulted in higher raw material costs and increased cost pressures.
In addition, as previously mentioned, a supplier fire in the second quarter and labor strikes that continued into the third quarter led to production interruptions at our domestic plants. The declining Korean won to USD exchange rate has also negatively impacted profitability. Moreover, production disruptions delayed the mass production and launch schedule of certain new models. As a result, the anticipated volume and earnings contribution from new vehicle launches is now expected to materialize later than originally planned. Taking into account these changes in both internal and external operating environments, as well as our YTD performance and outlook for the remainder of the year, we have revised our 2026 operating margin guidance to 5.5%-6.5%. We also note that recent guidance updates from major global automakers point to a similarly uncertain operating environment.
Although the degree of impact varies by company and region, many automakers are facing intensifying competition, including the growing presence of Chinese OEMs in the European markets, and some have revised their full-year outlooks downward to reflect these changes. This revision does not reflect any deterioration in our fundamental business competitiveness or earnings-generating capabilities. Rather, it primarily reflects the need to incorporate in our full-year outlook the cumulative impact of factors largely outside our control. We remain confident in the underlying strength of our business and our ability to deliver sustainable long-term value. For the Automotive Division, we have revised our investment plan to KRW 15 trillion, down from our previous target of KRW 17.8 trillion. While maintaining critical R&D investments to secure future competitiveness, we will review investment priorities and execution time to improve capital efficiency.
As a result, we plan to optimize investment by approximately KRW 1.8 trillion, primarily through capital expenditure management. With respect to free cash flow, we intend to maintain our existing guidance range of KRW - 1.5 trillion to KRW +0.5 trillion.
Next, Vice President Hyung-Seok Lee, the Head of Planning and Finance Division of Hyundai Capital, will assess the Q3 results for the finance businesses.
Although profitability faced challenges in the third quarter as external uncertainties persisted, including prolonged instability in the Middle East and rising interest rates, Hyundai Capital and Hyundai Capital America safely maintained a high-quality auto finance portfolio based on the close collaboration with the group. Now let me walk through the details. First, Hyundai Capital. Leveraging our stable funding base, we continue to support group's vehicle sales financing, and the share of automotive finance remained at 80% of total earnings assets in the third quarter.
New vehicle financing declined due to an unfavorable operating environment, including lower vehicle deliveries, higher market interest rates, and intensified competition in the auto finance market. However, we selectively expanded corporate finance to diversify our portfolio and secure additional profitability, and earning assets grew 2.4% YoY. In addition to new vehicle installment financing, our flagship product, we gradually expanded the finance corporate finance, increasing our asset base. The resulting rise in interest income led to 2.8% increase in operating revenue. On the expense side, we offset much of the impact of rising interest rates by diversifying our funding portfolio. However, interest expense increased due to higher borrowing driven by asset growth. Reflecting higher credit costs from proactive provisioning for corporate finance and larger provisions for liability in light of the softening used car market, operating expense rose 5.8% YoY.
As a result, operating profit declined 26% and pre-tax profit declined 25%. Our Australian and Indonesian subsidiaries, which are at a relatively early stage of business, are also gradually stabilizing their business foundation through continued asset growth and reduction in initial losses. Moreover, we also successfully launched our India finance subsidiary in August this year and began offering dealer financing. Going forward, we will expand our business scope in stages in line with local market conditions. In Hyundai Capital, we expanded financing business into Hyundai Motor's key strategic markets and strengthened the global sales financing capabilities. In the fourth quarter, financial market volatility and economic uncertainty are expected to persist due to geopolitical risks, rising interest rates, and exchange rate fluctuations. Hyundai Capital will defend profitability through flexible funding and origination strategy tailored to market conditions and continuous cost management. Next is Hyundai Capital America.
Despite challenging market conditions in the third quarter, including weakened U.S. auto consumer sentiment, HCA maintained a high penetration rate supported by the group's solid sales and earning assets grew 5% YoY. Driven by stable asset growth and higher lease income from rising average vehicle selling prices, operating revenue increased 24%. Operating expenses increased 26%, mainly due to higher interest expense and lease depreciation as managed assets grow, as well as higher losses on used car sales due to lower used car prices and higher return rates. Although the delinquency rate rose slightly with heightened macroeconomic uncertainty and slowdown in the U.S. economy, reflecting these operating profit and pre-tax profit declined 22%. In the fourth quarter, an uncertain market environment is expected to continue due to U.S. inflationary pressures and persistently high interest rates.
However, despite recent interest rate volatility, U.S. capital markets continue to offer favorable funding conditions, and HCA also successfully completed a $1.5 billion funding transaction last September. Backed by ample liquidity of $19 billion as of the end of September and a high-quality asset portfolio, HCA will respond flexibly to future markets. This will conclude the presentation of the financial business. Now we will take questions.
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Now Q&A session will begin. Please press star one, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. The first question will be provided by Yongmin Kim from Yuanta Securities. Please go ahead with your question.
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Thank you. I am Kim, Yongmin from Yuanta Securities. My question is for Hyundai Capital. Usually, I think your sales has a seasonality. As of 2024 Q4, you had shown meaningful growth quarter- on- quarter, and your sales have been expanding continuously. However, your Q4 outlook for this year, I think it may be due to the big fluctuation of foreign exchange rates and also maybe the big sales of HCA. But how much impact is taken by these FX rate in your finance business to your sales and also your profit and losses? Because your Q3 numbers don't seem that good. Is it mostly because of the U.S. or, what is the biggest accountability in terms of these results? Is it the car prices or maybe the interest rates?
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Thank you for your question. As far as I understand, I think you had two questions. First was regarding the P&L, why it has deteriorated in Q3, and also how the FX rate is really affecting the sales and the P&L for Q4. To answer your first question, yes, our profitability has gone down for Q3. Was it because of the car prices or because of the interest? I'm sorry. I'll first answer regarding the Q4 impact of the FX rate. I think it pretty much follows the earnings of HMC, so we are pretty much in line with the way HMC is headed. As for the deterioration of P&L for Q3, we try to match our debt rate as well as our capital rate. And because the interest rate, the long-term interest rate, has gone up, that has also resulted in the interest cost for us.
I think that was the biggest impact in these deteriorated results. And also another part would be the used car rate. We have seen some losses in selling the cars that have been returned. And because of higher interest, the delinquency rate has also gone up, impacting our cost. Thank you.
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And if I could add on to that, the prices haven't actually changed that much, so that's not really a factor impacting our sales. But overall for Q3, the whole sales have not changed that much, maybe gone down a little bit. But I think for the finance business, the impact was to do with the sales profit and also the delinquency rate and the delivery fee that gone up as Hyundai Capital has explained. And I believe that they have reflected that trend to the end of September numbers resulting in such numbers. Thank you.
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The following question will be presented by Eun- Young Lim from Samsung Securities. Please go ahead with your question.
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Hello. I'm Eun-Young Lim from Samsung Securities. I have two main questions. First, in the 2024 CEO Investor Day, you said that for the next four years, you're going to repurchase and cancelation the stocks, and I believe that amount is about KRW 700 billion and KRW 800 billion. By next year, I just want to know if that policy is going to be coming into a reality. The second question is, in the operating revenue, I saw that there was other area that showed an increase, which was about KRW 640 billion. Was that part of the cost reduction activity? These would be the two main questions.
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To answer your first question, in 2024, we said that we are going to repurchase KRW 4 trillion amount of stock, but after 2024, the business environment changed. One of the main reasons were because of the tariff. The tariff amounted up to KRW 4 trillion last year, and we believe it is going to be similar this year as well. Considering the changing business environment, we are not sure what the best solution would be. We are taking that into consideration. If we have and come up with a solution, we will make sure that we can communicate that with the stockholders.
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For the others aspect, I always talk about this every quarter, but every month we are going through contingency measures and we are coming up with optimization plans. We are continuing the cost reduction activity. We are also going to continue the cost reduction activities throughout the fourth quarter, and we believe that amount is going to increase in that quarter as well.
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The following question will be presented by Jun-seong Kim from Meritz Securities. Please go ahead with your question.
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Thank you for giving me the opportunity. I just want to clarify the answer that you have given to the previous question with Samsung Securities. Because the other part of in Q3 for non-operating P&L has gone down. What is the exact reason for that? Is that the translation and FX trade or some other reason? I just want to clarify that. As for myself, I have two questions. First is the shareholder return policy of compared to 2024 and 2025, you have given two tracks that you are going to take. First is regarding the buyback of treasury stock. Second was through the dividend payout. As for the treasury stock, you bought back, your plan was originally from KRW 1.5 trillion, which had been downsized to KRW 0.5 trillion, so about maybe 60%- 70% of your original plan.
As for the dividend, it had been changed from originally KRW 3 trillion to KRW 2.5 trillion . If the P&L continues to deteriorate in the future, will you still be holding more importance to dividend over the treasury stock buyback, as you had shown in the previous years? My second question is regarding your sales in the domestic market. With the Chinese makers now the market share becoming over 10%, they're pretty much becoming a big threat. During the CEO Investor Day, you said that you had a big plan for launching new vehicles and models. Currently, you're selling 50 models, and by 2030 you were saying that you're going to expand this number up to 100 models.
However, as of next year and the oncoming years, a big Chinese brand such as Zeekr or Chery, they will continue to come into the Korean market and become a big threat. What is the response that you have in your pockets at the moment? I mean, what models do you have planned to launch, at what price strategy? How are you planning to respond to these challenges?
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I want to clarify on the repeated question. You're saying that there was a big drop in our non-operating profits and losses compared to the previous year. I think there would be two big reasons for that. First is regarding our foreign exchange, our foreign currency assets. With the FX rate dropping significantly in Q3, the exchange rate losses have become a reason for that. Secondly, because of our share-based evaluation, many of the companies that we have stakes in, their performance in Q3 weren't that good. That was reflected in the numbers.
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Just to further clarify, just because I mentioned about the stakes that we have, of our affiliates because of the equity method, that really doesn't take a big portion of the drop in these numbers. Mostly it's due to FX rate. The foreign exchange rate has dropped significantly. That has come from the losses. The losses come from the FX rate.
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Moving on to your second question for the shareholder return policy. We do understand that previously, the treasury share buyback and the dividend payout had been somewhat balanced, but as of this year, we needed to meet the TPR of 35% while also giving a payout of KRW 2.6 trillion so far. I believe you are wondering what our future direction is going to be, what our direction is going to be. As we have the Value-Up Program that we had announced in 2024 during our CEO Investor Day, we promised to keep a TPR of 35% and to give a minimum of KRW 10,000 to our shareholders. However, as the business environment has rapidly changed, we still do need to keep up to the promise that we have made. We are still looking into how we can improve the value for our shareholders.
Until that plan is finalized and communicated with our shareholders, we do believe that we have to keep the promise of KRW 10,000. We know that there is a strong voice in the market for the buyback and the dividend ratio to be balanced out. Until we have come up with a concrete plan to do this, we will keep our ears open to listen to the voices of the market and the shareholders.
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Moving on to your final question. We do know that the Chinese EVs and Tesla, they are really rapidly expanding their presence in the domestic market in terms of shares. We have a lot of measures in place to defend our market share. We are not going to frequently fluctuate our prices as Tesla or other Chinese OEM does, because we believe that measure will damage the residual value of our used cars as well as the value of our customers. We do have in our hands the competitiveness in terms of installment payments, as Hyundai Capital had also just mentioned. Because this is our strong suit compared to other OEMs, we have significantly lowered the monthly installment paid for these cars. That, in turn, also protects the residual value of our vehicles.
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Another strong point that we have, which significantly differentiates us from our competitors, especially Chinese OEMs and Tesla, is our service network, especially for EVs. In Korea, we have our service points maybe over 1,000 bases, whereas Tesla, we understand they only have 17. If you look at the number of registered vehicles per service centers, for us, it is about 290 vehicles per base, whereas Tesla, each service base is registered with about 1,200 units. The lead time for repairs for us from when the car comes into the garage to leaving all fixed, it takes less than a week, on average, five days. For Tesla, it takes more than two weeks. In terms of procuring the parts, we target to get it within an hour, and about 92% of the cars that come into our service centers get their parts within an hour, and within a day, 99%.
Whereas Tesla, it takes over a week or two.
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You also mentioned about the new cars that are to be launched. We have Avante as well as GV80 Hybrid coming up. In Q4, we have Avante Hybrid, Tucson, GV90, G80 Hybrid, and Santa Fe facelift coming up as well. In December, I think, it is planned to have the facelift and G90 as well. For North America, in Q4, we have Tucson, GV80 Hybrid. GV90 will probably come up to the market early next year. As for Europe, we have IONIQ 3, which sales have already started. In Q4, the flagship model there is Tucson. That is coming up. There is also Bayon. China, we have IONIQ V that is coming. India, we have Bayon and [IONIQ P] . We have the launch plan of new cars by each year, and there is a lot coming down the pipeline.
Maybe you could say it is too much, but we do have a lot of cars that is on the wait list. For the prices, there are a lot of factors that are considered to decide a price, but we do not just look at the cost itself. We also look at how we can compete with the competitors in the market, as well as taking a pre-survey to see how accepted it is by, acceptable it is by the consumers.
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Thank you. Due to the time constraint, we will take one last question.
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The last question will be presented by Yoonchul Shin from Kiwoom Securities. Please go ahead with your question.
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Thank you. My name is Yoonchul Shin from Kiwoom Securities. I have two questions. First, your operating profit, despite it going up YoY, your non-operating P&L, within that, it shows that the corporate tax is approximately KRW 1 trillion. So it is pretty high compared to the previous years. Is there a big reason as to why the corporate tax is that high? Do you have any plans to lower that down, to balance that down in Q4? Second question is regarding the IPO that Korean companies are doing in the overseas market. Because of regulations that ban duplicated listing, some of the companies are now canceling their plans to go public. Hyundai Motors, you have experience in going public in the Indian market. Do you have any tips, I suppose, regarding this?
I mean, is there something that you can do regarding So what is your opinion on the recent regulation regarding the ban?
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All right. To answer your first question, there really is not a big reason as to why the corporate tax has gone up. It is just because of the tax rate itself and a big change in the P&L mix, and we believe that in Q4, there is not going to be much change either. Just to clarify, we do not have any other plans to go public of any of our affiliates in the overseas market. But if you are asking us about our position and our opinion on the recent policy change, I think it is a bit difficult for us to give an official opinion. Thank you.
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Thank you. This brings an end to the 2026 Q3 earnings call for Hyundai Motor Company. Thank you for your time.
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If you have any questions, please contact Hyundai Motor Company's IR group. Thank you very much for your attention.