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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.

Recharge Wrap-up: Kia Soul EV wins Canadian Green Car of the Year, Proterra logs 1 million miles

The Kia Soul EV has been awarded the inaugural Canadian Green Car of the Year Award. It beat out three other finalists - the Honda Fit, Subaru Legacy and Toyota Camry Hybrid - to receive the honors at the Vancouver International Auto Show from the Automobile Journalists Association of Canada (AJAC). Before narrowing the field to the four finalists, seven eligible cars were chosen after back-to-back testing during the AJAC's "TestFest" last fall. "This acknowledgement is testimony to Kia's ongoing commitment to deliver environmentally friendly automotive solutions and diverse powertrains to consumers without compromising on design or comfort," says Kia Canada Vice President and Chief Operating Officer Maria Soklis. Read more in the press release from the AJAC. Proterra electric buses have logged a cumulative 1 million miles of revenue service. To celebrate, Proterra held a special event at its Greenville, SC plant, wherein it recognized each of its transit agency partners with an award commemorating the milestone. Proterra President and CEO Ryan Popple say Proterra and its partners "can offer the world a million proof points to bolster the fact that electric vehicles not only offer great performance, but represent the best total cost of ownership and environmental option for transit agencies." Proterra estimates its customers have saved 250,000 gallons of fuel and 3.5 million pounds of emissions over those million miles. Read more in the press release from Proterra below. EV Connect and GE are teaming up for a joint marketing and product agreement. The agreement makes GE the preferred provider of charging stations for EV Connect, giving them access to GE's WattStation and DuraStation chargers and WattStation Connect cloud-based operating platform. Of course, the agreement also makes EV Connect GE's preferred management company. "Together with EV Connect, we will be able to provide customers with an innovative, end-to-end solution capable of meeting customers' everyday EV charging station requirements," says GE's Seth Cutler. The agreement also expands the market of both companies worldwide. Read more in EV Connect's press release.

Hyundai shutters engine development in shift to electric and hydrogen vehicles

Hyundai is quickly pivoting into an era of electric vehicles. Shortly after announcing it would halve the number of internal combustion models, it launched its first EV on its dedicated Electric Global Modular Platform (E-GMP), the supremely enjoyable Ioniq 5. Now, as The Korea Economic Daily reports, Hyundai Motor Group, which includes sister brand Kia and luxury brand Genesis, has closed its engine development division at its research and development center in South Korea to put those resources into electric powertrain development. According to the report, researchers from engine design are moving to its electrification design center, but a few remain behind to continue to refine existing internal combustion engines. The powertrain system development center will become an electrification test center, and the performance division will focus on electric performance. The group has also established a battery development center, and the R&D Center will also focus on raw materials for batteries and semiconductors. In an email, R&D boss Park Chung-Kook told employees, “Now, it is inevitable to convert into electrification. Our own engine development is a great achievement, but we must change the system to create future innovation based on the great asset from the past.” Hyundai Motor Group is targeting one million EVs a year by 2025, and full electrification by the year 2040. In addition to the newly launched Ioniq 5, Hyundai is planning to launch the Ioniq 6 EV, based on the stunning Prophecy concept, in 2022, and weÂ’ve already seen spy shots of that prototype in testing. That will be followed by the full-size Ioniq 7 SUV in 2024, which was recently previewed by the Seven Concept at the 2021 L.A. Auto Show. Kia is set to launch the EV6 in 2022, and Genesis recently revealed the GV60 electric crossover, both of which will use HyundaiÂ’s E-GMP architecture. Genesis also recently revealed an electric version of the GV70 crossover in China. Of course, Hyundai is also invested in hydrogen fuel cell vehicles, both commercial vehicles like its Xcient trucks, and passenger cars like the Nexo and the recently revealed Vision FK concept. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.