All time quarterly high profits for Hyundai Motors

Net profits were mainly a result of equity gains from overseas.

“The global government incentives were critical boosters for Hyundai’s performance,” said Chang In Hwan, chief executive officer at KTB Asset Management Co., which manages $6.9 billion of assets in Seoul. “Coupled with the weaker won, they made Hyundai a real global player.”

Higher sales, higher profits
In U.S., sales jumped 29 percent, mainly as a result of high demand for the Elantra compact car, which posted a 586.8 billion won operating profit compared to the forecast of 561.2 billion won.

The company started a Hyundai Assurance program, which allowed buyers who lost their jobs to return their cars without penalty. The company even agreed to cover three months of payments for buyers looking for jobs leading to an increased awareness for the brand.

Hyundai also introduced a Tucson compact sport-utility vehicle in August and a new version of the Sonata flagship sedan in September, which has so far boosted sales.

“The new-models effect will continue to drive sales at home and overseas through the fourth quarter,” said Song Sang Hoon, an analyst at Kyobo Securities Co. in Seoul.

Market reaction
Hyundai shares dipped 0.5 percent in the country's main KOSPI Index after the quarterly results. However, throughout the year they have remained stable.

The won is recovering on the weakness of the dollar and has gained 8.1 percent in the third quarter. It has jumped to a 36 percent high since early March.

Hyundai’s rivals are struggling to cope with a weak dollar though. Japanese car maker Toyota has yet again forecasted a loss of $4.9 billion (450 billion yen). This would help Hyundai gain a larger share of the market.

This quarter Hyundai expects to sell about 830,000 vehicles, Chief Financial Officer Chung Tae Hwan told reporters on Thursday.