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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.

Hyundai Virtual Guide is an owner's manual for your phone

The owner's manual for the 2015 Hyundai Sonata is more than 700 pages. In fact, owner's manuals in general are so unwieldy – both by weight and actual use – that the problem you're having must be greater than the hassle of dealing with the instruction guide. Hyundai wants to make that easier with its Virtual Guide, an augmented reality app for smartphones and tablets that puts answer to the most common points of confusion at your fingertips. Once you open the app you start by choosing your exact vehicle trim. There are 16 different trim and package options for the Sonata, all of them have been scanned so that the app can show your specific car and features. After that there are several options that allow different means of getting the info you need. Point your phone's or tablet's camera at the engine bay, the app will overlay the locations of items like the air cooler, battery, and dispstick. Press any of the boxes in the display and the app will take you step-by-step through the process of attending to each system. There's another AR overlay for the interior. One neat feature that isn't AR is a picture of the gauge cluster and all of its Christmas tree lights. Press any one of them and the app will explain what the light means and what to do when it appears. Another portion of the app is pictures of every angle of the car with highlightable areas that provide more info on things like seat operation and what's in the trunk. Audi has an augemented reality app called eKurzinfo in the UK for three of its models, but it appears that Hyundai is the first mainstream maker in the US to provide such technology. Virtual Guide is available for the Sonata now at the Apple App Store and Google Play. Other models will join the Guide as Hyundai gets more of its models scanned. The videos and the press release below have more information. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. HYUNDAI VIRTUAL GUIDE INTRODUCES AUGMENTED REALITY TO THE OWNER'S MANUAL - First Mainstream Automaker to Launch 2D/3D Owner's Manual for Smartphones and Tablet Computers - Hyundai Virtual Guide Provides Convenient, Simple Ways to Become Familiar with Full Vehicle Capabilities LOS ANGELES, Nov. 10, 2015 – Later this year, Hyundai will be the first mainstream automaker to launch an augmented reality owner's manual app.

Why Kia doesn't need a premium brand

Hyundai's creation of the Genesis luxury brand means it and fellow Korean brand Kia have finally hit the mainstream in the U.S. – as far as products are concerned – after nearly three decades of trying. Which is about as long as it took Toyota and Nissan to roll out Lexus and Infiniti, respectively. It's history repeating itself. Genesis is supposed to be the way Hyundai's premium models get the respect they deserve, without carrying the baggage of a name associated with frugality. Hyundai has, in fact, built up a reputation over the last decade or so for cars that compete head-on with class leaders, rather than aim to be 90 percent as good for 75 percent of the price. And because Kia shares a number of components with Hyundai, its vehicles have also steadily become not only better mainstream vehicles, but have continued to aim higher than their price points. Does Kia need to follow now in its parent's steps with a prestige brand to market its most expensive models? I'm aware of the Kia K900, the company's deepest foray into luxury territory notably occupied by Lexus. Kia, however, has consistently been pushing this $60,000 full-size luxury sedan along with $0 down, low monthly payment lease deals. Turns out there really aren't many people looking for a full-size Kia luxury sedan. Or maybe they're just waiting to get it for $20,000 in a couple of years. Consider the K900 and Genesis when I convince you Kia already makes upscale cars to rival those with premium badges. They just don't happen to be its most expensive model. Shortly after Hyundai's announcement it would spin its luxury models off into the Genesis brand, I spent a few days with a 2016 Kia Sorento SXL. And I'm willing to call it a more convincing attempt to get people out of luxury cars than the K900. Driving the Sorento is not an emotional experience. You feel parental driving it, thinking you might've forgotten to pick your kids up until you remember you don't actually have kids. But after settling into the nicely stitched and perforated leather seats, you respect its comfort, quiet and amenities. The headliner is soft, the stitching on the dash top is convincingly real and everyone is impressed by the sharp graphics on the touchscreen and the slick powered shade that reveals an expansive glass roof. A Kia Sorento costing more than $46,000 sounds absurd until you wonder how much better an Acura MDX or Lexus RX350 is when those cost as much as $10,000 more.