This article is by Sarah Chea and read by an artificial voice.

Hyundai Motor shares climbed more than 5 percent on Thursday during the trading session, following news that a 15 percent tariff on auto exports to the United States had been finalized during U.S. President Donald Trump's visit to Korea.

Shares of Hyundai Motor closed at 265,000 won ($185) on Thursday, up 2.7 percent compared to the previous trading session, while Kia closed at 116,200 won, up 0.35 percent.

The tariff agreement was reached on Wednesday, when President Lee Jae Myung and Trump finalized the details of the long-debated trade deal during a summit in Gyeongju, North Gyeongsang.

Hyundai Motor had been subject to a 25 percent tariff since April. Though the United States and Korea had tentatively agreed in July to lower the rate to 15 percent, talks stalled over the specifics of a proposed $350 billion investment package. Lee and Trump's summit confirmed that Korea will proceed with a $200 billion cash investment, capped at an annual limit of $20 billion.

The announcement puts Hyundai on equal footing with competitors in Japan and the European Union, allowing it to compete with Japan's Toyota and Germany's Volkswagen.

The lower tariff will help Hyundai save over 4.4 trillion won every year. Under the previous 25 percent rate, Hyundai was estimated to lose roughly 6 trillion won, and Kia 5 trillion won.

Hyundai on Thursday reported that its third-quarter operating profit fell 29.2 percent from a year earlier to 2.54 trillion won. The U.S. tariff alone had shaved about 1.8 trillion won off its operating income in the third quarter.

In the second quarter, Hyundai and Kia had suffered a combined loss of roughly 1.6 trillion won due to the tariffs.

"The tariff reduction is expected to have an immediate and positive impact on Hyundai's financial structure, as yearly losses [will likely] now be halved to around the 5 trillion won range," said Park Kwang-rae, a research analyst at Shinhan Investment & Securities.

"Beyond the direct savings on tariffs, secondary benefits are also anticipated with reduced cost pressures. Hyundai will have greater room to scale back aggressive incentive programs and gain strategic flexibility to adjust prices more nimbly in response to market conditions."

The automobile industry is one of Korea's leading export sectors to the United States. Last year, shipments of domestically manufactured vehicles to the United States totaled $34.7 billion - accounting for nearly half of the nation's overall automobile exports, which stood at $70.8 billion.

Hyundai Motor's push into the U.S. market is expected to accelerate. The United States is the company's largest market, where its share stands at 10 percent, ranking as the nation's fourth-largest automaker.

Sales momentum has remained strong this year. In the third quarter, Hyundai and Kia sold a combined 481,750 vehicles in the U.S. market, up 12 percent from a year earlier - the highest third-quarter figure in the companies' history.

Hyundai's Georgia factory, which opened in March, will produce both EVs and hybrids, and its capacity will gradually increase to some 1.2 million cars.

"We are grateful for the administration's dedicated efforts throughout this difficult negotiation process," Hyundai said in a written statement released immediately after the deal announcement.

"Hyundai and Kia will continue to pursue various measures to minimize the impact of tariffs while further strengthening product quality, brand competitiveness and technological innovation."