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Weekly Recap: Kia leads Korea's quality surge

The rapid rise of Korea's auto brands in the US market has been apparent on the sales charts for several years, and now it's showing up in an area that's just as crucial: quality. Kia and Hyundai earned the highest rankings among mainstream brands in the J. D. Power Initial Quality Study released on Wednesday. The study tracks problems owners report during the first 90 days they own their car. Kia reported 86 problems per 100 vehicles, or fewer than one problem per car sold, to take second in the rankings behind luxury sportscar-maker Porsche (80). Kia's score improved by nearly 20 percent compared with the 2014 study. "The big industry story is Kia," Renee Stephens, vice president of U.S. automotive quality at J.D. Power, said in a video statement, noting Kia's infotainment systems were the key reason for its improved performance. Hyundai was fourth for the second straight year, though its score actually worsened by one, to 95. Even with Hyundai's slight dip, Korean quality increased 11 percent, according to the study, which far outpaced American and European companies' three-percent increases. Japanese brands improved one percent. Hyundai Motor Co. (parent company of the Hyundai and Kia brands) captured four individual vehicle awards, which tied for the most with General Motors, Nissan, and Volkswagen. "The Korean brands have really taken off," Stephens said. "There's movement in the industry, and the patterns are shifting." Another luxury brand, Jaguar (93 problems), slotted in between Hyundai and Kia in third place. Infiniti was fifth, followed by BMW. Chevrolet was the highest domestic brand, taking seventh place, followed by Lincoln, Lexus, and Toyota, which were all well above the industry average of 112 problems per 100 vehicles. OTHER NEWS & NOTES Kirk Kerkorian dead at 98 Kirk Kerkorian, a billionaire activist investor who wielded enormous influence on the Detroit Three car companies in the 1990s and 2000s, died Monday. He was 98 years old. Kerkorian made headlines in 1995 for trying to take over Chrysler – with the help of former chairman Lee Iacocca – before being fended off by Chrysler management. His takeover attempt ultimately pushed Chrysler to be sold to German giant Daimler. He tried to buy Chrysler again in 2007 when Daimler put Chrysler on the market, but Kerkorian fell short and the automaker was sold to private equity firm Cerberus.

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.

First hydrogen Hyundai Tucson Fuel Cell CUVs arrive in California

These crossovers are not available in showroom quite yet, but the first batch of Hyundai Tucson Fuel Cell vehicles has made it to California. Hyundai is promising retail availability, "within the next several weeks," which means early June or so for the $499/month CUVs. We previously heard in January that these hydrogen-powered Tucsons were supposed to be in US customers' hands by the end of March, so things are running behind schedule. Still, the delivery at a port near Los Angeles marks the "first delivery of a mass-produced fuel cell vehicle for the US market," Hyundai says, which could be a big deal when we look back at the evolution of hydrogen-powered vehicles in the US (though we're guessing at least one other manufacturer might object to the Korean automaker's claim). Mike O'Brien, vice president, corporate and product planning for Hyundai Motor America, is certainly upbeat, saying in a statement that Hyundai is "proud of our leadership role in this important segment of the alternative fuel vehicle market." So far, that's a segment that the company has almost all to itself. There are a very small number of hydrogen vehicles around today, including the Honda FCX Clarity and a few test vehicles from other automakers, but the numbers are set to grow next year when Toyota and Honda introduce new hydrogen sedans. For now, though, Hyundai can make a splash simply by bringing these vehicles to our shores. Hyundai's First Mass-Produced Tucson Fuel Cell CUVs Arrive In Southern California Tucson Fuel Cell, the Next-Generation Electric Vehicle, Arrives at Port Hueneme With Retail Availability Soon PORT HUENEME, Calif., May 20, 2014 /PRNewswire/ -- Today, at a port near Los Angeles, Hyundai's Tucson Fuel Cell CUVs began rolling onto U.S. soil, marking the first delivery of a mass-produced fuel cell vehicle for the U.S. market. The first retail sale of the Tucson Fuel Cell is expected within the next several weeks in Southern California. Under the Hyundai leasing program, approved lessees can drive Hyundai's next-generation Tucson Fuel Cell for just $499 per month, including unlimited free hydrogen refueling and "At Your Service" valet maintenance at no extra cost. For the first time, retail consumers can now put a mass-produced, federally-certified hydrogen fuel cell vehicle in their driveways, with availability at three select southern California Hyundai dealers: Tustin Hyundai, Win Hyundai in Carson, and Hardin Hyundai in Anaheim.