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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.

Kia sold 123 North American Soul EVs in October

How happy were those Kia hamsters last month? We're guessing they were pretty pleased, because reports are out that the South Korean automaker sold 123 Kia Soul electric vehicles in North America during the model's first month of sales on the continent. Now crank up that funky music. Kia sold 109 Soul EVs in the US and another 14 in Canada, Kia-World reports (the site is unaffiliated with the automaker). Kia's expected to move about 5,000 Soul EVs in North America by the end of next year. Kia spokesman James Hope, in an e-mail to AutoblogGreen, said the automaker doesn't specifically disclose the number of gas and electric Soul models it sells in North America. Those volume numbers are on par with lower-volume electric variants of conventional models that are generally positioned as "compliance" vehicles (i.e., vehicles sold specifically to comply with California's zero-emissions vehicle mandate). For instance, the Ford Focus Electric sold 186 units in the US last month, while the Smart ForTwo ED electric moved 150 vehicles. Honda sold 23 Fit EVs in October. The Kia Soul EV has base price of $33,700 and a single-charge range of 93 miles. You can read our Quick Spin impressions of the new EV here.

Almost Jeffersonian | 2017 Kia Optima Plug-In Hybrid Second Drive

On a drive of Kia's new Optima Plug-In Hybrid (in showrooms since April), we visited Thomas Jefferson's Monticello, our third president's sprawling estate in central Virginia. Even in the absence of Twitter, Jefferson enjoyed a restless curiosity about an array of subjects. While his day gigs – declaring independence and consummating the Louisiana Purchase – occupied much of his life, he always made time for intellectual pursuits and making daily life better, so we think he'd grasp the rightness of the Optima. In the science of the plug-in hybrid, there's little new. The combination of gas and electric motors is intended to reduce the carbon footprint of a conventional drivetrain. Add a motor, install more battery capacity and enable that battery to be recharged over a long lunch or overnight, and you have a plug-in hybrid with up to 29 miles of electric-only operation. With the gas tank included, you get roughly 600 miles of combined driving range. (That's DC to Atlanta, had Jefferson wanted to visit Atlanta.) Visually, there's little to distinguish this PHEV from a conventional Optima. Its alloy wheels are aerodynamically cleaner and front fascia less disruptive - and includes an active air flap, no less. The exterior design, though dated, still impresses. A spacious interior is what you'd expect from Kia. And so, regrettably, are some hard plastic surfaces. That plastic is appropriate in a $20,000 Soul, less so in a $40,000 Optima Plug-In. Nothing here is completely off-putting, and we've always liked Kia's integration of audio and A/C controls. But so much is good about the Optima that you expect something nicer as you slide behind the wheel. The front seats are both supportive and accessible. Our test vehicle, equipped with $5,250 of EX Technology, offered a panoramic sunroof, heated and ventilated front seats, a power front passenger seat with adjustable lumbar, and heated outboard rear seats. That same package also includes a bundle of safety technology, including a forward collision warning system, advanced smart cruise control, blind spot detection, lane departure warning, and rear cross traffic alert. A modern hybrid generates a lot of info, and learning to access it all will require more than the few hours we had in the car. Your economy – the Optima's innate efficiency and your driving style – is available at the push (or two) of a button. And you can choose from all-electric EV or hybrid mode by using Kia's Mode Select control.