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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.

Kia debuts Forte 5-door with available 201-HP turbo engine

The US-bound 2014 Kia Forte first showed up in sedan form back at the LA Auto Show last year, but Kia unveiled the hatchback version of the car today at the Chicago Auto Show. Unlike the current Forte five-door the 2014 will feature styling that is distinct from its sedan counterpart, but the big news is it will also get a few extra ponies under the hood.
Since the Forte five-door will only be offered in EX and SX trim, the sedan's 1.8-liter inline-four is not offered on this model. The base engine in the EX is the 2.0-liter direct-injected four, producing 173 horsepower and 154 pound-feet of torque. Those looking for more power should check out the Forte SX, which uses the 1.6-liter turbocharged engine currently found in the Hyundai Veloster Turbo. This engine produces 201 hp and 195 lb-ft, and it can be paired to either a six-speed manual or automatic transmission; the latter of which is optional and comes with paddle shifters.
Aside from the obvious styling changes required for the added cargo area, the 2014 Kia Forte five-door gets numerous design elements to set it apart from the sedan. The face of the new hatchback will get a much smaller tiger-nose grille than the sedan, but it will get a larger lower intake, which we can't help but compare to the Mitsubishi Lancer Evo. Kia also gave the Forte dual exhaust outlets and LED taillights, and the SX model will get stylish 18-inch wheels. Inside, the five-door design allows the Forte to increase its cargo volume to 23.2 cubic feet, and the cabin can also be equipped with features such as heated front seats, ventilated driver's seat, navigation, leather seating and dual-zone climate control.

Hyundai, Kia launching dedicated hybrids in 2017

The currently weak green car market isn't stopping Hyundai and Kia from staging an ongoing electrified onslaught, and it's primed to just keep growing. Already familiar with the field thanks to vehicles like the Sonata Hybrid, Tucson Fuel Cell, and Kia Soul EV, for the 2017 model year the Korean siblings are launching their first dedicated hybrids, according to Automotive News. Since last year, the hybrids have been spotted testing several times while wearing heavy camouflage. Hyundai's version will reportedly be styled as a Chevrolet Volt-fighting sedan. Conversely, Kia will go for a more directly Prius-challenging hatchback. Underneath, they'll share a powertrain consisting of a direct-injected, 1.6-liter four-cylinder and electric motor. Both will use the same platform based on the next-gen Elantra and Forte, according to Automotive News. In addition, Hyundai will get a pure EV version of its model to launch in California in 2017, while Kia reportedly won't. According to Automotive News, the companies' strategy is reportedly to be ready when gas prices eventually rise again. "When they come back up and people start looking for hybrids again, it'll be very nice to be able to give buyers an option besides just the Prius," said Adam Kraushaar, president of a New Jersey Hyundai dealer. Further complimenting the electrified plans, a plug-in version of the Kia Optima Hybrid is also reportedly on the way. With its launch, the two brands would have a total of nine hybrid, EV or fuel cell vehicles on offer by the 2018 model year.