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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.

2014 Hyundai Veloster Turbo R-Spec loses creature comforts, gains sporting equipment [UPDATE]

Hyundai unveiled the Veloster Turbo R-Spec at the LA Auto Show yesterday, and it's touted as a high-performance model without some of the standard features usually found on the Veloster Turbo, such as proximity-key entry with push-button start, premium gauge cluster, side-repeater mirrors, driver's auto-up window, high-gloss interior trim and heated leather seats.
Like the other three R-Spec models Hyundai has released (Genesis Coupe 2.0T R-Spec, Genesis Coupe 3.8 R-Spec and Genesis 5.0 R-Spec), the Veloster Turbo R-Spec skimps on interior appointments to keep the price down. But Hyundai thinks that people who buy it don't want that equipment anyway, and would rather install aftermarket goodies. The car is priced at $22,110 (including the $810 destination fee), which makes it the least expensive Veloster Turbo model.
The pared-down hatchback's special features include R-Spec-specific sport suspension, retuned steering and a B&M short-shifter for the six-speed manual transmission (the R-Spec isn't offered with an automatic). That's all great, but we can do without the red-accented side skirts and front splitter, which look just as tacky in person as they do in pictures.

Weekly Recap: Hyundai scores NFL sponsorship after GM exits

Hyundai replaced General Motors as the official automotive sponsor of the NFL with a four-season deal that was announced this week. Hyundai gets exclusive sponsorship rights for mainstream and luxury cars, though not for pickups – as it doesn't have one in its current portfolio. "There may be another automotive truck sponsor, but not one that competes with our vehicle lineup," a Hyundai spokesman said in an email. That leaves the door open for another truckmaker to enter the fray. GM used the NFL to promote its GMC division, which makes pickups and sport-utility vehicles. The Detroit automaker decided to quit the sponsorship, which it had held since 2001, a GM spokesman said. Financials were not released, but ESPN said the sponsorship will cost Hyundai $50 million a year, double what GM paid. It gives Hyundai access to NFL trademarks for use in its marketing and advertising, and Hyundai will provide promotional vehicles to the league for the Super Bowl and other events. Hyundai celebrated the agreement by lighting up its Fountain Valley, CA, headquarters this week with a football field and the NFL logo. Hyundai's sister company, Kia, is the official automotive sponsor of the NBA. "We are huge football fans at Hyundai and feel there is no better venue to reach consumers, increase consideration, and tell the Hyundai brand story," Hyundai Motor America CEO Dave Zuchowski said in a statement. Hyundai will officially kick off its sponsorship when the NFL season begins on Sept. 10 with a primetime game featuring the Pittsburgh Steelers and the Super Bowl champion New England Patriots. OTHER NEWS & NOTES Toyota Mirai rated at 67 mpge, 312-mile range The Environmental Protection Agency gave the Toyota Mirai hydrogen fuel cell electric car a 67-miles-per-gallon-equivalent rating. The figure is for city, highway, and combined driving. The EPA also said the Mirai will have a 312-mile range. The sedan will arrive in dealerships in California this fall and will cost $57,500, though incentives can drop the price significantly. The Mirai will also be offered as a $499-per-month lease. Both come with three years or $15,000 worth of free fuel. Toyota plans to expand sales to the Northeast United States later. Toyota's top female exec resigns in wake of arrest Meanwhile, in other Toyota news, the automaker's communications chief and top female executive, Julie Hamp, resigned.