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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.

Kia continues Ecology Center support, donates Soul EV

Kia is reaffirming its green side by continuing its support of The Ecology Center in San Juan Capistrano, CA. In addition to events at the company's American headquarters in Irvine, CA, the Korean automaker is donating a Soul EV for the non-profit organization to use. The Center's goal is to educate the people of Southern California in food, water supply and energy conservation. This is the third year of Kia's partnership with the group. The Soul EV should go perfectly with last year's donation of two charging stations, too. To get people motivated about the environment, the Center offers events like film screenings, classes, and camps for kids. After it hit the market late last year, the Soul EV has proven reasonably popular. Sales started exclusive to California, but Kia recently decided to broaden the offering to Texas, Georgia, Oregon, Washington, and Hawaii. The electric hatchback offers drivers 109 horsepower and 210 pound-feet of torque with an official 93-mile range from a 27-kWh, lithium-ion battery. KIA MOTORS AMERICA RENEWS PARTNERSHIP WITH THE ECOLOGY CENTER AND PROVIDES SOUL EV TO SUPPORT COMMUNITY OUTREACH EFFORTS Automaker's "Visionary" Sponsorship of San Juan Capistrano-Based Eco-Education Center Supports Awareness and Education about Food, Water Supply and Energy Conservation Partnership with The Ecology Center supports Kia's diverse corporate sustainability practices Two electric vehicle charging stations available at The Ecology Center IRVINE, Calif., June 23, 2015 – Kia Motors America (KMA) today announced the renewal of its partnership with The Ecology Center, a San Juan Capistrano, California-based non-profit eco-education center dedicated to creating a healthy and abundant future for all of Southern California and beyond. In its third year as a "Visionary" partner, Kia is providing the use of a 2015 Soul EV to The Ecology Center, which complements the two electric vehicle charging stations installed as part of the partnership last year. Kia and The Ecology Center will organize and carry out sustainability-themed learning projects at the KMA campus in Irvine, California, and in the surrounding community, and both organizations will continue work together to plan hands-on conservation and volunteer activities at The Center.

NHTSA looking into non-Takata airbag shrapnel case

The global airbag inflator recall from Takata has been one of the biggest topics in auto safety for months. Now, the National Highway Traffic Safety Administration is opening a preliminary evaluation into the components from Arc Automotive to investigate whether two reported ruptures and two injuries signal a wider problem. So far, only the 2002 Chrysler Town & Country and 2004 Kia Optima are believed to be affected. If a safety campaign is deemed necessary, it could cover an estimated 420,000 of the minivans and 70,000 of the Korean sedans. NHTSA first noticed these ruptures in December 2014. The agency received a complaint of a 2009 case in Ohio about the bursting of the driver's side inflator in a 2002 Town & Country. According to the report, the incident broke the woman's jaw and sent shrapnel into her chest. The government investigated the case, and this was found to be the only known occurrence in these vehicles. The analysis indicated the part's gases were possibly blocked somehow and caused the component to explode. FCA US spokesperson Eric Mayne told Autoblog that the company is "cooperating fully" with NHTSA. "Also, we no longer use that inflator," he said. A second incident came to NHTSA's attention in June 2015 with the driver's side rupture in a 2004 Optima in New Mexico. The agency lists fewer details about the case, and a root cause isn't known. This is also the only currently known example in a Kia vehicle. According to a statement from Kia to Autoblog, "We are taking this matter very seriously and support NHTSA's action and will continue working cooperatively with the agency and suppliers throughout the process." Arc's components are sealed within a steel housing that's meant to protect them from "external atmospheric conditions," according to NHTSA. Multiple suppliers also use them. In the Chrysler, the airbag module came from Key Safety Systems and from Delphi in the Kia. In a statement to Autoblog the company said, "We have received NHTSA's notification and are cooperating fully with its Preliminary Evaluation." At this time, NHTSA admits that it doesn't know for certain whether these two cases are linked. The agency is conducting this preliminary evaluation to learn more.