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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.

Recharge Wrap-up: Peugeot eF01 folding e-bike, Australia orders Hyundai FCEVs

Australia has ordered 20 hydrogen powered vehicles from Hyundai. The Australian Capital Territory Government in Canberra will take delivery of the fleet of Hyundai's next-generation fuel cell vehicles (set to replace the Tucson Fuel Cell in 2018) for its Renewable Transport Fuels Test Berth project. As part of the program, the vehicles will be powered by hydrogen made with a Siemens Silyzer System with electricity from Hornsdale Wind Farm in South Australia. The Siemens refueler is capable of powering over 1, 000 fuel cell vehicles each averaging 14,000 miles per year. Read more from Hyundai. Peugeot has unveiled its eF01 electrically assisted folding bike. Meant to facilitate multimodal travel, Peugeot's eF01 folds up quickly to be thrown in the trunk of a car, carried on public transport, or wheeled in its folded position while walking. It's a little hefty, at 37 pounds, but its compactness helps make up for that. It can be charged in the cargo area of any vehicle with a 12-volt outlet, so it's ready to provide 18 miles of electric assistance at speeds of up to 12 mph. It can also communicate with a smartphone via Bluetooth to show current charge and range. Read more from Peugeot. A123 Systems will collaborate with Argonne National Laboratory to create safe, better performing lithium-ion batteries. The partners will focus on cathode technology in order to increase energy density and durability in order to improve the driving range of electric vehicles. A123 expects to increase energy density and range by more than 60 percent over its current offerings. "Working with Argonne will further advance our already strong presence in plug-in vehicles and support the increasing market demand globally," says A123 Systems CEO Jason Forcier. "We look forward to expanding our customer base as we offer increasingly greater range to our plug-in vehicle programs without compromising on the life and safety performance that the market has come to expect from A123." Read more in A123's press release. Featured Gallery Peugeot eF01 Folding E-Bike Related Gallery 2015 Hyundai Tucson Fuel Cell: LA 2013 View 19 Photos News Source: Hyundai, Peugeot, A123 Systems Green Hyundai Peugeot Alternative Fuels Bikes Electric Hydrogen Cars recharge wrapup

Hyundai launches crate engine program with 2.0L four and 3.8L V6

With all the commotion about the aftermarket going on at the SEMA Show in Las Vegas, Hyundai's timing for this announcement is just perfect - the South Korean brand will launch its first crate engine program.
Starting with the 2.0-liter, turbocharged four-cylinder and the 3.8-liter V6 from the Genesis Coupe, the program should push Hyundai even further in to the performance realm. Two versions of the 2.0-liter will be available at first - a $4,500 version, that's ready for its owner to bolt on a turbo of their choosing, or a $6,000 version, which includes the turbo and all its plumbing. Hyundai claims the cheaper version was designed with the aftermarket specifically in mind, as it allows tuners to easily fit larger turbos while spending less coin for parts that will just be tossed. The 3.8-liter V6 will cost $9,000.
"As more Genesis Coupes have entered the pre-owned enthusiast market since its 2009 launch, we've witnessed strong interest in leveraging the low cost potential of this rear-drive platform and its powertrains for the tuner market and motorsports. Now, with our new crate engine program, Hyundai is making it more affordable for these same enthusiasts to modify their Genesis Coupe, or perhaps inject some high-value horsepower into other platforms," said Hyundai's North American president and CEO, John Krafcik.