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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.

2020 Kia Telluride picks up second highest Top Safety Pick award

The 2020 Kia Telluride has impressed us every time we've been behind the wheel. And now it has impressive safety scores. The IIHS tested the large crossover, and it earned the second-highest rating of Top Safety Pick, just behind the Top Safety Pick + rating. In every crash test, including small-offset crashes, the Telluride received the highest "Good" rating. The standard forward collision prevention also received the highest "Superior" score since it provided adequate warning and stopped the car from colliding with a vehicle in front of it at speeds up to 25 mph. What kept the Telluride from the Top Safety Pick + rating was headlight performance, which has tripped up so many other vehicles. The base model's halogen headlights were given the lowest "Poor" rating, and the higher-trim LED headlights got the second highest score of "Acceptable." Headlights with "Good" performance are required for Top Safety Pick + rating. Also worth noting is the child seat LATCH anchor access, which was also rated as "Acceptable." As for the Telluride's competition, the Honda Pilot, Mazda CX-9, Toyota Highlander, Hyundai Santa Fe XL and Nissan Pathfinder all share the same Top Safety Pick rating. Only the Subaru Ascent tops them as a Top Safety Pick +. Going down slightly in size, the Kia Sorento and Hyundai Santa Fe also get the Top Safety Pick + rating.

Hyundai-Kia fuel-economy errors trigger $300M in federal penalties [w/video]

This amount includes $100-million in civil penalties, the largest such fines in EPA history.
Hyundai and Kia are getting more than a slap on the wrist for overstating the fuel economy of an estimated 1.2-million vehicles in their 2011-2013 model ranges. The Environmental Protection Agency, the Department of Justice and the California Air Resources Board are hitting the automakers with collective penalties valued at around $300 million for Clean Air Act violations. This amount includes $100-million in civil penalties, the largest such fines in EPA history. Specifically, Hyundai is paying a $56.8 million penalty and relinquishing 2.7-million greenhouse gas emissions credits. Kia is paying $43.2 million in penalties and giving up 2.05-million credits.