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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.

Hyundai i30 N: This is the 271-horsepower hot hatch we won't get

Hyundai has finally taken the wraps off of its very first N-badged car, the i30 N, along with many of the car's features and specs. Visually, the car has subtle changes including larger grilles in the front bumper, a front spoiler with red trim, black headlight housings, new side skirts, a larger rear wing, and a more sculpted rear bumper. The car can also be fitted with either 18- or 19-inch wheels. Inside you'll find heavily bolstered seats, blue buttons on the steering wheel for driving modes, blue stitching on the seats and trim, and aluminum pedals. Performance-wise, the i30 N should be pretty potent with a turbocharged 2.0-liter four-cylinder making 271 horsepower and 260 pound-feet of torque. That's nearly 20 more horsepower than the Focus ST, and about 50 horsepower more than the GTI Sport. The Focus ST does have 10 more pound-feet of torque, and the GTI Sport roughly matches the twist output. The i30 N channels its power through a six-speed manual transmission and electronic limited-slip differential to the front wheels only. View 6 Photos To make the most of all this power, Hyundai bestowed an array of electronic aids. The sportier suspension features electronically adjustable shocks to improve ride or handling depending on preferences. An automatic rev matching system is included for flawless, smooth, quick downshifts. The i30 N also has a variable exhaust system for quiet cruising or loud hustling. All of the above features along with steering feel and stability control sensitivity can be adjusted by selecting one of the car's five driving modes: Eco, Normal, Sport, N, and N Custom. There's even a launch control function. Unfortunately, we won't be getting Hyundai's hot hatch here in America, despite the fact that we already have a version of the regular i30 in the form of the Elantra GT. But we know that Hyundai is working on an N version of the Veloster, and we expect that N car to make the trip Stateside. It will probably have the same engine found in the i30 N, just in a funkier body. And if it has the same engine, we wouldn't be surprised if it comes with most of the i30 N's handling upgrades and gizmos. Related Video: Hyundai Hatchback Economy Cars Performance hyundai elantra gt hyundai i30 Hyundai N

Kia Soul EV starts production next month amidst modest sales projections

The hamsters in those Kia Soul commercials? Looks like they'll be riding real quiet and quite clean a little sooner than we thought. Kia is now saying it will start production of the 2015 Soul EV next month, and sales will start later this year in the company's home country of South Korea. Additionally, according to Reuters, Kia is keeping sales expectations low, suggesting it should sell about 5,000 Soul EVs a year at a price of around $39,000, though the out-of-pocket costs should be cut in half because of South Korean government subsidies. Kia's taking a somewhat conservative approach to its early sales target as it focuses largely on the US and Europe during its first phase, said Kia spokesman Michael Choo. "We are currently conducting launch feasibility studies for the secondary phase of Soul EV introduction and plan to expand sales to other countries at a later stage," he said. "Hence, we believe the sales volume of the Soul EV will steadily grow following our initial full year of sales." As for the US, Kia spokesman James Hope tells AutoblogGreen that while the company hasn't set a definitive debut date, "we are targeting Q3 of this year." Hope says Kia isn't providing Soul EV sales guidance for the US, so we'll just have to see where the EV chips fall come September or so. Reuters also notes that sister company Hyundai will start selling its own battery-electric vehicle in 2016, a timetable confirmed by Hyundai Senior Vice President Lee Ki-sang. Both Kia and Hyundai are shooting for a South Korean electric-vehicle market that they hope will expand exponentially from a total of just 713 sales last year. The front-wheel-drive Soul EV will have a 81-kilowatt electric motor, and its single-charge range will be about 120 miles. The model was first shown off at the Chicago Auto Show last month, but Autoblog scored an early prototype test drive ahead of the reveal – check out our feature drive report here. Kia Motors shows Soul EV and next-generation hybrid powertrain at Geneva Show (SEOUL) March 4, 2014 -- The new Kia Soul EV made its European debut at the 84th Salon International de l'Automobile in Geneva, Switzerland, today alongside a special technology exhibit of the brand's next-generation hybrid powertrain.