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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.

A hotter hamster wheel | 2017 Kia Soul Turbo First Drive

Finally. Finally. After much teasing, taunting, and auto show concepting, Kia is making its funktastic hatchbox, the Soul, with a turbocharged engine. The new, 2017 Soul Turbo takes all the good things about the standard car – the space, style, comfort, and long list of standard and optional equipment – and adds a dose of performance, courtesy of the 1.6-liter turbo four-cylinder also used in the Forte5 SX and Forte Koup, as well as Hyundai's Elantra Sport and Veloster Turbo. It was a long time coming. According to Kia, consumers like the Soul – to the tune of almost 150,000 units last year – but aren't as fond of its previous two-engine lineup, which previously topped out at a 161-horsepower, 150-pound-foot naturally aspirated four-cylinder. Alongside all-wheel drive, more power was at the top of the customer wish list. While all-wheel drive is absent here – the packaging is too tricky and the cost too high, Kia tells us – the Soul Turbo hits a market white space, offering small CUV utility with entertaining but not overwhelming straight-line performance. This is, in the end, a higher-power version and not a full-on performance model, and the changes were made without compromising the friendly look and comfort we like. Yes, the Turbo-specific 18-inch wheels look lovely, but they're shod in the same 45-series all-season rubber as the 18s available on other Souls. And while the handsome leather-wrapped, flat-bottom steering wheel is sporty, the supportive-but-not-claustrophobic seats are a reminder that this is an everyday vehicle. Even the exterior accents – new front and rear fascias, side sills, red exterior badges and accents, and a dual-tip exhaust – aren't enough to overshadow the Soul's funky, friendly, and cute look. Even the oily bits aren't free of Kia's balanced approach. Admittedly, that's not entirely evident after looking at the powertrain details. The turbo 1.6-liter produces 201 hp and 195 lb-ft of torque, which isn't a lot for cars like the Veloster Turbo or Forte5 SX, but compared to other small CUVs and the Soul's 130-hp non-turbo 1.6-liter and 161-hp 2.0-liter, it's a big improvement. That 2.0-liter engine is likable, with enough low and mid-range torque that we can't complain about the 4,700-rpm peak, but the total figures are so low and the Soul's 3,163-pound curb weight so high, getting anywhere briskly means wringing everything out of it. The Soul Turbo does not have this problem.

Hyundai shoots down the rumor claiming it is done developing engines

Hyundai has clarified that the recent rumor claiming it had stopped developing gasoline- and diesel-burning engines to focus on various forms of electrifications is false. It said that development work remains on-going and that the internal combustion engine still has a future. "Hyundai Motor Group can confirm that it is not halting the development of its engines following recent media speculation. The Group is dedicated to providing a strong portfolio of powertrains to its global customers, which includes a combination of highly efficient engines and zero-emissions electric motors," said senior group manager Michael Stewart in an interview with Motor1. The report that emerged in late 2021 claimed that the Hyundai Group (which includes the Hyundai brand, Kia, and Genesis, among other entities) had completely stopped designing piston-powered engines to focus on electrification. It claimed that most of the engineers had been assigned new roles related to electrification, though it also noted that some were staying behind to continue refining the technology. If this sounds familiar, it's likely because Hyundai recently shot down a separate but similar rumor that said it had put the hydrogen-electric powertrain it planned to install in many of its cars (including some upmarket Genesis models) on hiatus. The carmaker explained that it has merely reshuffled the team that's developing the technology because unspecified technical hurdles have slowed down the project. Several electric Hyundai models are in the pipeline, including the production version of the Prophecy concept unveiled in 2020 and a relatively big SUV previewed by the 2021 Seven concept. But, its comments suggest that more gasoline-powered models are on the way as well, which is great news; its range of N-tuned high-performance models includes excellent cars and there's still room for it to grow. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.