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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.

Hyundai-Kia forecasts slowest sales growth in 8 years

Even with the arrival of the new Hyundai Genesis Sedan (above) and the expected introduction of at least two other new vehicles in 2014, Hyundai-Kia is estimating its sales will only increase by about 4.1 percent this year. Bloomberg has found that figure, which works out to a total of 7.86 million vehicles worldwide, to be lower than average analyst estimates of eight million vehicles. If the automaker is correct, that figure will represent the most sluggish growth for the Korean brands since 2006.
Based on an exchange rate of 1,050 won to the dollar - right now it's trading at anywhere from 1,050 to 1,052 depending on where you look - Hyundai is predicting a 3.8-percent uptick for sales of 4.9 million units, while Kia is expecting a 4.7-percent uptick for sales of 2.96 million units. That exchange rate is predicted to be part of what will hamper sales this year, with a stronger South Korean won making Japanese cars more price-competitive when cross-shopped. It's unclear how Hyundai derived its exchange rate, but 1,050 won to the dollar almost matches the 52-week high for all of 2013.
The company chairman mentioned a "low growth era" in the world economy, and weaker US sales are rumored to at least part of the reason John Krafcik recently vacated the post of Hyundai Motor America CEO, a post that has been filled by executive vice president of sales, David Zuchowski. That unexpected news capped a year in which two top execs resigned over quality issues and recalls and Hyundai agreed to settle a consolidated lawsuit over inflated fuel economy ratings for $395 million.

2018 Kia Stinger GT Long-Term Review Update | What living with the Stinger is like

You're going to like looking at it, and everyone else will too Man, this car is slick. It's long and low with curves in all the right places. Kia toed the line between in-your-face sportiness and luxury with every design decision on this car. I don't often feel the urge to look back at a car as I walk away, but the Stinger has a way of drawing my eye back to it wherever I go. The bright red paint might be partially responsible for this, but I've found I'm not alone. Everywhere I drive, this car turns heads and brings about inquisitive stares from onlookers — the Kia badge just causes brows to furrow deeper. Never in history have random passersby been this interested in a Kia. It makes sense, though. We don't often see completely new, from-the-ground-up sports sedans these days. The Stinger's fastback shape just makes it even more enticing and refreshingly different. Noticing the sidewalk interest in a car like the Stinger gives me a glimmer of hope for other great sedans to make it through the crossover-apocalypse. Big car, but a small back seat The usable space in the rear seat runs counter to how long and large the car looks. First off, the way the door is shaped makes for a narrow space to slide your body through. It's wide on top but narrows closer to the ground. That's no problem for a young and limber person such as myself, but less flexible folk may find it annoying. With the seat positioned for my 5-foot-10-inch frame, rear legroom is a bit scarcer than I would have thought. Throwing kids back there would be fine, but it still came off as one of the larger disappointments in my book. You'll enjoy the cargo space, though. Hatches are almost always more utilitarian than sedans with trunks, and this trend continues for the Stinger. Loading and unloading is an easy task, and you can shove a ton of stuff back there. Somewhat limited visibility through the short rear window from the driver seat is the only downside of the rear hatch design. It has a dual personality This car firmly plants itself onto the list of ideal daily drivers. Leave it in Comfort mode, turn the Harman Kardon stereo up, and relax on your way to the office. Twist the dial over to Sport, and you'll blow everybody else away getting on the highway as you head home. Like we said in our last long-term update, the Stinger is the perfect GT car, and we stand by that. You can use it as a backroad scalpel on weekends. However, I wouldn't go so far as to say it handles like a sports car.