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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.

2021 Kia Seltos rolls style and value into a subcompact package

When Kia unveiled the Seltos, a pocket-sized crossover aimed at young buyers, it didn't reveal whether we'd see the model in the United States. The wait is over, and the American-spec variant of the soft-roader made its debut next to the updated Kia Niro at the 2019 Los Angeles Auto Show. Named after Celtos, the son of Hercules, the Seltos falls in line with Kia's recent design language without aping styling cues from a bigger model. Flanked by swept-back headlights, the upright grille flows into a hood that's surprisingly tall and long considering the car's relatively small dimensions. The Seltos was developed with urban use in mind, but it can tackle light off-roading thanks in part to an angled front bumper that increases its approach angle, and 7.2 inches of ground clearance. Kia explained it paid special attention to the materials the passengers see and touch, and it made the cabin as spacious as possible. It promised an abundance of cargo space, though it didn't provide specific figures, and noted every trim level comes with reclining rear seats. Buyers have a pair of four-cylinder engines to choose from. The entry-level unit is a naturally-aspirated, 2.0-liter that delivers 146 horsepower and 132 pound-feet of torque. Front-wheel drive and a continuously variable transmission (CVT) come standard, and all-wheel drive is available at an extra cost. Motorists seeking more power can move up the trim level hierarchy to unlock a 1.6-liter turbocharged to 175 horsepower and 195 pound-feet of torque. It's also offered with front- or all-wheel drive, but it channels its power to the driven wheels via a seven-speed dual-clutch automatic. While Hercules' lineage allegedly includes several Spartans, the Seltos is anything but. It comes with Android Auto and Apple CarPlay compatibility, and it's the first Kia offered with an optional, eight-speaker surround-sound system sourced from Bosch. Fully loaded, it features a blind spot monitoring system with a collision avoidance function, forward collision monitoring with avoidance assist, highway driving assist, adaptive cruise control, rear occupant alert, plus lane-keeping and lane-following technologies that help it stay in its lane, among other electronic driving aids.  Scheduled to go on sale during the first quarter of 2020, the Seltos will slot between the Soul and the Sportage in Kia's growing range of soft-roaders.

Kia Soul now has more turbo and 201 hp

Back in May, Kia revealed in a new hamster commercial that we would be seeing a turbocharged version of the Soul sometime this winter. After months of waiting, we finally get our first look at the Soul Turbo in the form of the European-market Soul SX. Obviously, the most important part of the newly-boosted Soul lies under the hood. There you will find the familiar turbocharged 1.6-liter four-cylinder from the Veloster Turbo and the Elantra Sport. Unsurprisingly, it makes the same 201 horsepower as its corporate cousins. But that's still a healthy 37-horsepower improvement over the naturally aspirated 2.0-liter. The engine is bolted up to a new 7-speed dual clutch transmission. Kia didn't say anything about a manual option, but we certainly hope they'll offer one. The company claims the Soul SX has a 0-62 mph time of 7.8 seconds and a top speed of 124 mph. Aside from the engine, there are subtle exterior and interior tweaks that distinguish this quicker Soul. The front bumper gets a larger, more aggressive grille, and the side sills are slightly wider. The car also receives exclusive 10-spoke, 18-inch wheels, red accents and Soul badge, and a twin-tip exhaust. Inside, the Soul SX has a black cloth and leather interior featuring orange stitching and the obligatory flat-bottomed steering wheel. Kia also revealed that the Soul SX is now available for ordering. However, this is just the European model. We still have yet to see the final US-spec version, but we'll probably see it very soon. Related Video: Featured Gallery 2017 Kia Soul SX: Paris 2016 View 12 Photos Image Credit: Live photos copyright 2016 Drew Phillips / Autoblog Paris Motor Show Kia Crossover Hatchback Performance 2016 paris motor show kia soul turbo