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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

Keep it simple, stupid | 2017 Hyundai Ioniq Hybrid and Plug-In First Drive

The Ioniq is Hyundai's "golden medal project," conceived from the outset as a car to beat the Toyota Prius and be the most efficient on the market. Ki-Sang Lee, Hyundai's senior vice president in charge of eco R&D, promised that if they could accomplish that feat, he'd give every single engineer on the project a gold medal. The result of their work is an attractive trio – hybrid, plug-in hybrid, and electric – built on the company's first dedicated green vehicle platform. And Lee gave out more than 500 gold medals to his engineers. With a growing number of drivers – bolstered by Millenials replacing the buying power of baby boomers – who value efficiency and consider the environmental impact of their purchases, hybrids and electric cars should be a popular choice, right? While cheap gas has not helped to encourage people to make the switch to greener vehicles in the last couple years, the added cost and complexity of electrified cars have also been barriers to wider adoption. Hyundai's approach appears solid. The Ioniq hybrids are straightforward, affordable, and something drivers would be proud to own without appearing smug. So Hyundai has built the car people claim to want, but will the drivers show up at dealerships? The Ioniq is attractive for a number of reasons, not the least of which is pricing. The Ioniq Hybrid starts at $23,035, undercutting the Toyota Prius by $2,535 (with its base MSRP of $25,570). It's also more efficient, with EPA mpg figures of 57 city/59 highway/58 combined. The most efficient Prius (the Two Eco trim level) falls slightly short at 58 city/53 highway/56 combined. While the Ioniq Plug-In Hybrid doesn't have price or fuel economy figures yet – it doesn't go on sale until the fourth quarter of 2017 – we do know its 8.9-kW battery pack offers over 27 miles of all-electric range and can be topped off in 2.5 hours on a Level 2 charger. The Ioniq's green cred doesn't stop at its efficient powertrain. Sitting inside the cabin, you wouldn't realize that the soft plastics contain 25 percent sugar cane, or that the headliner and carpet contain about 20 percent of the same renewable plant material. There's no way to tell by look or feel that door trim uses recycled plastics mixed with wood powder and volcanic stone, making it 20 percent lighter. Interior metallic paints use soybean oil to lessen their environmental impact. Even better, it all agrees with the senses.

Hyundai testing facelifted Veloster Turbo in Germany

Love it or hate it, you have to admit that Hyundai went against the cookie-cutter norm when it unveiled the Veloster in 2011. And to many eyes, its oddball shape is still refreshingly original. But in the three and a half years since, Hyundai has moved its design language onwards, so it's about time the Korean automaker bring the quirky three-door (or novel four-door, depending on the angle from which you look at it) into the fold. And that's just what it appears to be doing in these latest spy shots.
Though it's hard to tell much from underneath the heavy camouflage, it's clear from these spy shots that this is indeed the Veloster, and given the center-exit dual exhaust tips, it seems to be the Turbo model and not the base naturally aspirated version. It seems to be wearing a bigger grille like the one Hyundai put on the latest Genesis, among others, and new bumpers front and back as well. The half-door on the right side does appear to be carrying over, it's wearing new wheels, and we're told there seems to be something afoot inside the cabin as well - likely revolving around an updated infotainment system.
Whether there are any consequential mechanical changes as well, we don't know. That said, development seems to be in a fairly advanced stage, so we wouldn't be surprised to see a refreshed Veloster on the show stand sometime later this year or early next at the latest.