2014 Hyundai Elantra Limited on 2040-cars

Auto blog

Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

2015 Hyundai Genesis revealed in renderings

We're currently in Seoul, South Korea, checking in on the 2015 Hyundai Genesis at the automaker's headquarters. We can't yet offer any driving impressions, but at least we can share a few renderings of what the new sedan will look like.
As you can see, practically everything above the beltline has been carried over almost untouched from the HCD-14 Genesis Concept we saw earlier this year. The front-end styling, on the other hand, is a complete departure from current Hyundai design language. Note the large, upright grille and the more dynamic headlights and fascia.
There's still no word as to when Hyundai will officially debut the 2015 Genesis, but it won't be a long wait.

2013 Hyundai Veloster Turbo: Introduction

The Hyundai Veloster is indeed an automotive oddball, and that's part of the reason why we're so drawn to it. Even in base form, the Veloster is a cleverly packaged little wonder that's bursting with personality, and with the added grunt and visual aggression of the Turbo model, there's a lot to talk about.
Despite not really fitting into any one specific vehicle segment (unless you dump it into the all-too-vague "compact" class), the Veloster Turbo looks really good on paper, to say nothing of how it looks on the street. It's certainly a head-turner, and we're intrigued by the overall package of an oddly shaped three-door (or four-door?) with some forced induction motivation.
We've had a lot to say about the weird little Hyundai in the past, and we don't see the conversations about this car ending anytime soon. Thus, we've welcomed a matte gray example into the Autoblog long-term garage for one year of testing. This should definitely be interesting.