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Hyundai confirms a shift to EVs, unveils fuel cell SUV

SEOUL — Hyundai confirmed on Thursday it was placing electric vehicles at the center of its product strategy — one that includes plans for a premium long-distance electric car as it seeks to catch up to Tesla and other rivals. Like Toyota, Hyundai had initially championed fuel cell technology as the future of eco-friendly vehicles but has found itself shifting to electric as Tesla shot to prominence and battery-powered cars have gained government backing in China. Hyundai's debut of its more modestly priced Ionic hybrid and electric has been well-received. But the pure electric's per-charge driving range is much shorter than the Tesla Model 3 or Chevrolet Bolt. Toyota is now also working on longer-distance, fast-charging electric vehicles. Hyundai first started signaling this strategic shift back in May when it first discussed plans to launch an electric sedan under its high-end Genesis brand in 2021 with a range of 500 km (310 miles) per charge. It will also introduce an electric version of its Kona small crossover with a range of 390 km in the first half of next year. "We're strengthening our eco-friendly car strategy, centering on electric vehicles," Executive Vice President Lee Kwang-guk told a news conference, calling the technology mainstream and realistic. The automaker and affiliate Kia, which together rank fifth in global vehicle sales, also said they were adding three plug-in vehicles to their plans for eco-friendly cars, bringing the total to 31 models by 2020. Underscoring Hyundai's electric shift, those plans include eight battery-powered and two fuel-cell vehicles — a contrast to its 2014 announcement for 22 models, of which only two were slated to be battery-powered. Hyundai also confirmed a Reuters report that it is developing its first scaleable, dedicated electric vehicle platform, which will allow the company to produce multiple models with longer driving ranges. HYDROGEN SUV Hyundai unveiled a near production version of its new fuel cell SUV with a driving range of more than 580 km per charge, compared with the 415 km for its current Tucson fuel cell SUV. The mid-sized SUV will be launched in Korea early next year, followed by U.S. and European markets. A fuel cell electric bus is slated to be unveiled late this year, while a sedan-type fuel cell car is also planned. Even so, analysts noted that gaining traction with fuel cells was going to be a long hard slog partly due to a lack of charging infrastructure.

2015 Hyundai Genesis

Hyundai grabbed our attention with its first-generation Genesis. Now, with this second-gen model, the company's job is to keep it. The 2015 Genesis, known internally as "DH," wisely follows in the footsteps of its predecessor, a model that showed the automaker's naked ambition, putting it on the map of not just bargain hunters, but the upwardly mobile, too.
The outgoing Genesis proved Hyundai was capable of producing a premium car of superior quality, complete with a plush interior, handsome looks and a relatively sporty driving demeanor, all for the sort of cut-rate price the brand built its reputation on. The first Genesis worked wonders for expanding Hyundai's allure, opening it up to all kinds of new car shoppers who previously wouldn't have given its other models a second glance.

Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.