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Hyundai Motor plans 17 EVs, $16B investment by 2030

SEOUL — South Korea's Hyundai Motor Co said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses. It also said it plans to introduce 17 EVs in that timeframe, six from Genesis and 11 from the Hyundai brand. Hyundai announced that three of those EVs would be sedans, along with six SUVs, a light commercial vehicle and one new type of model. It will begin sales of the Ioniq 6 later this year, followed by the Ioniq 7 in 2024. Hyundai Motor, which together with affiliate Kia Corp is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day. The Seoul-based automaker said it aimed to achieve an operating profit margin of 10% or higher in EV business by 2030. "Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic," Hyundai Motor Chief Executive Officer Jaehoon Chang said. Analysts, however said Hyundai's $16 billion investment in EV business would not be considered an "aggressive" approach compared to its rivals, adding, the investment is easily dwarfed by bigger rivals including Toyota Motor Corp, which plans to invest 8 trillion yen ($69.43 billion) for electrification by 2030. "Hyundai is allocating about 20% of its 95.5 trillion won investment to EV related businesses, which includes building new plants, EV charging stations and strategic alliances with battery manufacturers and the investment amount for EV does not seem too surprising or aggressive," said Eugene Investment & Securities analyst Lee Jae-il. Chang said Hyundai was considering building new dedicated EV production plants without proving details of new factories, including locations and timeline. Analysts said Hyundai would be eying on building dedicated EV factories in the United States, as it considers that as its key EV market. Shares in Hyundai Motor closed down 2.6%, compared to the benchmark KOSPI's 0.2% gain. ($1 = 1,205.2600 won) ($1 = 115.2300 yen) (Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Rashmi Aich) Related video: This content is hosted by a third party.

Hyundai and Kia adding Google Maps API to nav systems

Hyundai's Blue Link and Kia's UVO infotainment systems will be adding three Google features: Send2Car, Point of Interest Search and Local Search by Voice. Send2Car lets travelers send destinations to their vehicle's navigation system from a computer or via a mobile phone app, and the POI and local searches are continuously updated in Google Places' database. The new data service integrations mean that drivers will have more access to more destinations and be able to find them more quickly.
Hyundai hasn't said when the new features will debut nor on what model. Kia buyers will find them introduced on the 2014 Kia Sorento expected to roll into dealerships shortly, with the Forte sedan following. You'll find a press release on the updates below.

Genesis teases future large SUV with GV80 concept

After years of rumors that Genesis would add an SUV to its lineup, Hyundai's in-house luxury brand unveiled the GV80 concept at the New York Auto Show Wednesday. Genesis didn't reveal key details of the concept, such as its dimensions and whether it would fit three rows, but prior intel suggests a Genesis SUV would be a little larger than a Jeep Grand Cherokee and a little more expensive. However, the press release does establish three facts: opulence abounds, the high-rider previews the brand's future design language, and a hydrogen fuel cell powers the GV80 – conceptually, at least. The overall shape – dressed in a "bespoke Ice Granite finish" – seems a touch common, although we must note that numerous players already crowd the large luxury SUV field. To give the GV80 a unique identity, Luc Donckerwolke, head of Genesis design, tapped the arsenal of luxury and detailing he amassed during stints at Lamborghini and Bentley. Genesis' trademark crest grille gets filled with diamond mesh, and sits in a contoured channel that defines a spine running the length of the SUV. The quad headlights are nothing more than four swept-back slits. Along the sides, 23-inch wheels frame a deep vent carved into the bodywork, while the mesh pattern in the five-spoke alloys matches the trussed B- and C-pillars. In back, thin, fiber-optic taillights emphasize width and stylized vents in the lower fascia cool the powertrain. The interior puts on the real show. An analog speedometer jazzes up the digital dash cluster, the driver's display flowing into a curved, 22-inch OLED screen set atop the "bridge" instrument panel. The display's two zones serve driver and passenger separately. The driver can use the glass touchpad multi-function controller and knurled metal wheel to toggle through functions, and the passenger taps the metal pinstripes set into the ash wood console and center tunnel. That tunnel runs the length of the cabin, creating four distinct seating areas. Rear-seat passengers can also touch the metal stripes to control seatback screens. Many cows died to create the interior ambiance, with smooth and quilted-diamond-stitched leather everywhere. Suede, polished aluminum, and slate ash wood provide contrasts from the dash to the cargo area. The GV80's "advanced plug-in hydrogen fuel cell" specs remain a mystery, but it might not be an empty tease. Two years ago, Hyundai showed off the Intrado compact CUV concept at the Geneva Motor Show.