STORY: Hyundai Motor and affiliate Kia have warned they face a huge charge over engine defects going back years.

The pair said Tuesday (October 18) they would book a combined $2 billion provision in their third-quarter results.

That will amount to more than half of Hyundai’s estimated profit for the period, and more than two-thirds of Kia’s.

Back in 2015 and 2017 the two firms recalled almost 1.7 million vehicles over engine problems that could cause crashes.

To restore their reputation, they then offered a lifetime warranty on engines.

But now a global slowdown in car sales - party due to the shortage of computer chips - has U.S. customers holding onto their vehicles for longer, and needing more engine repairs as a result.

Figures from S&P show the average lifespan of a passenger car in the U.S. is now up to just over 13 years, from 12.4 years previously.

A Hyundai executive apologized for the quality issues and resulting costs.

One analyst told Reuters it shouldn’t have any lasting impact on the two brands’ value or credibility.

Hyundai is due to report earnings on Monday (October 24), but Kia has not said when its next figures are due.