2016 Hyundai Elantra Se on 2040-cars

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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.

Ex-Hyundai CEO Krafcik joins TrueCar board amidst IPO plans

Former Hyundai Motor America CEO John Krafcik has had a tumultuous year. Last June, he won the Automotive Executive of the Year from DNV Business Assurance. Then in December, he suddenly announced he was stepping down from his leadership role at the Korean automaker on January 1, with some suggesting it was because the company's sales growth was too far below forecasts. Now, it looks like the exec has landed a new role on the board of directors of online car shopping website TrueCar.
According to The Wall Street Journal, Krafcik's role will be to build relationships with automakers and dealers, but the job at TrueCar won't be full time. Since leaving Hyundai, Krafcik has also been doing consulting work in Silicon Valley. "It's helped me understand what I might want to do, full, full time. I am just taking things at the appropriate pace," he said to the Journal.
Krafcik, who is widely considered one of the industry's top executives, took the helm at Hyundai America in 2008 and led it to an increase in sales and market share. He was with the company when it won North American Car of the Year awards in 2009 and 2012 for the Genesis and Elantra, respectively.

2016 Hyundai Sonata PHEV will be a 50-state car, sort of

Technically, the upcoming 2016 Hyundai Sonata Plug In Hybrid will be available in all 50 states. It will just be a lot easier to get in the ten ZEV states. That's because in the 40 states that do not follow California's Zero Emission Vehicle regulations, Hyundai dealers will not be stocking the plug-in version of the Sonata when it goes on sale in the fall of 2015. In the ten ZEV states (California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, Vermont), Hyundai will stock and sell the PHEV Sonata just like any other model, with numerous colors and trim levels available on dealer lots. In the other 40 states, "we're not going to encourage dealers to stock them," because the company expects demand to be low, said Mike O'Brien, Hyundai's vice president of corporate and product planning. O'Brien was speaking at a launch event for the two new Sonatas in California this week. Hyundai has a reason for choosing the ZEV states as a starting point, O'Brien said. "The ten states are spending more money on charging infrastructure, so you can park at work, you can park while you're in the grocery store, and you can charge your car while you're doing it." In any other state, where the plug-in infrastructure is weaker, a customer can order a PHEV Sonata just as if they were going to get a specific color Veloster that the local dealer didn't have in stock, O'Brien said. "It's really no different." "If you just look at the sales, basically all our competitors, over half of their plug-in hybrid sales are right here in the state of California," O'Brien said. "Usually, much more than half. If you cover the ZEV states, you're going to cover over 85 percent of the sales already. And we're going to make sure that our dealers can accommodate and customers that wish to buy outside those states." In other ways, the PHEV buying process will be similar. The customer can choose, at time of purchase, to rely on standard 110-volt outlets or to work with the dealer to install a Level 2, 240-volt charger at their home. Hyundai will train its dealers to offer a preferred partner's charger (Hyundai would not specify which company it will be working with). With 110, an empty-to-full charge of the 9.8-kWh lithium-ion polymer battery will take around nine hours, but with Level 2 it'll be around three hours. "The essential technical elements [of the PHEV] are the same as the hybrid," O'Brien said.