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South Korea firms up fuel economy regs following Hyundai/Kia debacle

According to a report from Reuters, South Korea's government has drafted strict new rules for automakers to follow when calculating fuel economy. The legislation comes after a major snafu by Hyundai and Kia that resulted in the automakers lowering the estimated fuel mileage of many popular models - some by several miles per gallon, including the Soul subcompact above - and compensating owners in the US and Canada for the reduction.
The new fuel economy rules were announced by the Ministry of Trade, Industry and Energy in South Korea and will see average mileage ratings drop by roughly three to five percent, according to the report. In addition, manufacturers found guilty of overstating mileage figures will be liable for fines of up to $900,000.
These sweeping new regulations will go into effect in the second half of 2013 and, while they won't have any effect on EPA estimates for Hyundai and Kia vehicles in the United States, they are expected to result in new ratings for the two automakers in their home market of South Korea, where they enjoy a whopping 70-percent market share.

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 previews new infotainment system ahead of CES

One of the most common refrains in the world of automotive infotainment is that soon, smartphone-enabled infotainment systems would come to dominate the industry. We've seen some progress in this regard, with a number of automakers offering apps and services that take advantage of a driver's smartphone data plan, but few that have gone whole hog and offered a system that genuinely relied on a cellular service. At the 2015 Consumer Electronics Show, Hyundai will offer up its take on smartphone-enabled infotainment, with a new, seven-inch-touchscreen Display Audio system. Designed specifically to work with Apple CarPlay or Android Auto, the system will first be rolled out to Hyundai's more affordable 2016 offerings before rolling out to the brand's entire entry-level lineup. Once mated with the car, both systems will offer access to a plethora of third-party apps, in addition to the typical satellite navigation and text message services. Apple CarPlay users will build on the standard suite of stuff with Siri Eyes Free. Overall, whichever phone you're loyal to, this new Hyundai system sounds remarkably interesting. Of course, expect to hear plenty about the new Display Audio system in the coming months. Until then, let us know what you think in Comments. Should automakers just stick to traditional infotainment systems, or do you support the idea of relying on a smartphone inside the car? Scroll down for the full press release. HYUNDAI TO DEBUT DISPLAY AUDIO SYSTEM AT 2015 CONSUMER ELECTRONICS SHOW All-New Infotainment Unit to Be Offered in Select 2016 Models Brings Android Auto™, which extends the Android™ platform in a way that is purpose built for driving Brings Apple CarPlay™, the smarter, safer and best iPhone experience, on four wheels Features the next generation Blue Link system with Connected Care, a suite of safety and car care features and remote engine start with climate control Incorporates the latest smartphone-enabled technologies and the next generation Blue Link® system into more lower price Hyundai models without embedded navigation systems The Display Audio system includes a large color touch-screen display that has been optimized for smartphone integration Fountain valley, Calif., Dec. 17, 2014 – Hyundai is doing the unthinkable at the 2015 Consumer Electronics Show (CES®) by showing a new Display Audio system with no CD player or embedded navigation system.