2008 Hyundai Sonata Gls Sedan 4-door 2.4l 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.

2013 Hyundai Veloster Turbo: May 2013

Although I went on the Portland launch of the regular-strength Veloster back in late 2011, my time in the Turbo model was previously limited to one very brief commuting experience, so I was glad to get some time in our long-term matte gray model this month. In a way, I lucked out, grabbing the key fob to our Hyundai just as the weather in mid-Michigan finally acknowledged spring's existence. The temperature change afforded us the chance to swap out the all-season Kumho Solus KH25 rubber that it arrived with in January for its optional ($1,200) Michelin Pilot Super Sport tires (215/40ZR18), an almost absurdly major-league, high-dollar set of shoes for what is actually only a hottish hatch.
You might have expected the Veloster Turbo to slide under the radar in such high-performance and shouty company, but the truth is it was a little magnet for attention.
With the new footwear freshly installed, I made a beeline for South Bend, Indiana for the start of this year's One Lap of America, an event I've been staffing for well over a decade. I rolled into the Tire Rack headquarters' expansive parking lot, parking the VT alongside the competitors, whose vehicles appeared "cunningly disguised as racecars," covered with all manner of sponsorship stickers and graphics. You might have expected the Veloster Turbo to slide under the radar in such high-performance and shouty company, but the truth is it was a little magnet for attention.

John Krafcik stepping down as Hyundai CEO, replaced by VP of sales

Hyundai Motor America has announced that its affable president and CEO, John Krafcik, will be stepping down from his post on January 1, at the completion of his contract. He'll be replaced by the current executive vice president of sales, David Zuchowski.
Krafcik has helmed Hyundai through a product renaissance that's seen the Korean automaker go from budget afterthought to household name in less than a decade, launching stylish new models and expanding into new markets. "On behalf of Hyundai Motor Company, we sincerely thank John for his visionary leadership and relentless pursuit of customer satisfaction, which has driven Hyundai's record growth over the past five years," said Im Tak Uk, the COO and executive vice president of HMA's parent company, Hyundai Motor Company.
"It's been a sincere privilege and honor to lead Hyundai Motor America over the past five years, and I am confident that with Dave's succession, our brand will continue to expand and thrive for years to come," said Krafcik in a Hyundai press release, available below. "We have many of the best and brightest employees in the business coupled with a committed and talented dealer network that will continue to pay dividends."