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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.

2015 Hyundai Genesis to offer Google Glass integration

We suppose it was simply a matter of when (rather than 'if') wearable technology would infiltrated automobiles, and apparently that time has come. Hyundai has just announced that its new-for-2015 Genesis Sedan will be compatible with Google Glass thanks to its Blue Link infotainment system.
"As a leader in connected car technology, we're always exploring new ways to use technology to enhance the ownership experience for our customers. Wearables are a great way to extend the experience outside of the vehicle by leveraging these small screens to quickly access remote features and deliver timely vehicle information," said Barry Ratzlaff, the executive director of Customer Connect and Service Business Development for Hyundai.
Customers will need to download a Blue Link Glassware app to manage their new Genesis, but once that's sorted, owners will be treated to little "cards" that pop up on the Google Glass interface. Push notifications will show when maintenance is due and customers will even be able to schedule service via Glass. Features like remote start, remote locking and a vehicle finder will also be available, while points of interest will be selectable and loadable into the navigation system via Google Send-to-Car.

Sketch teases next-gen Hyundai Elantra

Hyundai is giving us a good look at the next-gen Elantra in a teaser sketch, and the company is overhauling the sedan's styling for the new model. It sports a simple design that's devoid of much ornamentation, and you can just spot the corners of the hexagonal grille up front. The headlights now narrowly squint rather than rising up the fenders. The roof arches gracefully over the passenger compartment for a coupe-like shape, and a crease down the shoulders flows to the taillights, the tip of which you can barely see at the back. Hyundai already confirmed the new Elantra's debut at the 2015 Los Angeles Auto Show in November. A leak earlier this year also purported to show an actual photo of the 2016 model for the Korean market, but that vehicle had a significantly different front end than this one. That rumor also claimed the powertrain range would include a turbocharged 1.6-liter four-cylinder, which makes 175 horsepower and 195 pound-feet of torque in the 2016 Tucson. Sleek All-New Elantra Reveals its Dynamic Impression - Style of All-new Elantra places Hyundai Motor compact sedan in a class of its own - Appealing active character lines and creatively designed wheel arches August 19, 2015 – Hyundai Motor is excited to provide customers a glimpse of the forthcoming All-new Elantra's modern looks and unique design ahead of the car's launch just around the corner. The new model's dynamic and sleek style received the approval of a recent consumer study, where the Elantra's striking appearance saw it ranked ahead of key rivals. Designers of the All-new Elantra identified a series of innovative design aspects that give the car an unrivalled status and unique presence. Clever use of active character lines evoke a dynamic, stylish and confident appearance, building on the global popularity of the model. Peter Schreyer, President and Chief Design Officer at Hyundai Motor Company said: "The All-new Elantra captures the car's unique design characteristics that really place this model in a class of its own. The subtle and innovative appearance enhancements reflect Hyundai Motor's vision for design. Furthermore, this car indicates a move from traditional to modern styling by communicating the new model's comfort, fashion and sporty feel." In the newly released exterior rendering, the car's innovative design points become clear.