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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 reveals Sportspace concept ahead of Geneva

If you were wondering why Kia kept the back end of its upcoming new European concept hidden from view in the previous teaser, one look at these latest images should tell you why: Though the show car is tipped to preview the replacement for the Optima, this one's packing a wagon body-style. Dubbed the Sportspace concept, this D-segment/midsize estate was penned at Kia's European design studio in Frankfurt and is set to bow at the upcoming Geneva Motor Show. The Korean automaker isn't telling us much about it, except to emphasize that it was designed as a grand tourer "without sacrificing the performance, sustainability and economy that Kia is known for." We wouldn't be surprised, then, to see some sort of high-output hybrid system in place under the hood. The design bears all the hallmarks of a modern Kia, with the tiger-nose grille up front and clean lines throughout, but tapering back to a wagon's tail that reminds us of the Alfa Romeo 159 Sportwagon – which is no idle praise. Whether that means the next-gen Optima will be offered in wagon form in Europe (where they're in particularly high demand) or anywhere else, however, remains to be seen. Kia SPORTSPACE concept to be unveiled at Geneva (SEOUL) February 17, 2015 – Kia Motors Europe will unveil an innovative new concept, the Kia SPORTSPACE, at the 85th Salon International de l'Automobile in Geneva on 3 March 2015. Created for long distance driving, the SPORTSPACE has been designed for fast and efficient travel with maximum comfort and minimal stress, in the best grand touring tradition of the weekend getaway. Designed at Kia's Frankfurt design studio, under the direction of Gregory Guillaume, Chief Designer Europe, the SPORTSPACE features a unique and captivating body shape. The car is born out of a commitment to provide stylish and exciting transportation for four which is also spacious and functional, without sacrificing the performance, sustainability and economy that Kia is known for. Recognisably a Kia due to its signature 'tiger nose' grille, finely judged proportions and simple, clean surfaces, SPORTSPACE has a bold, dynamic shape with real road presence. At the same time, it offers a high level of interior comfort and substantial practical load space.

Recharge Wrap-up: Hyundai/Kia fined $755M for exaggerated MPG ratings; BMW dealers want more i8s

The fine against Hyundai and Kia has grown to $755 million for overstating fuel economy ratings. $360 million of that fine comes from the EPA for violation of the Clean Air Act: $100 million is a civil penalty, $210 million is a forfeiture of greenhouse gas credits and another $50 million will pay for independent fuel economy audits on future models. The remaining $395 million is a settlement for customers who purchased the affected vehicles. A slew of 2011 to 2013 models were found to have fuel economy ratings overstated by one to six miles per gallon. Customers will be awarded funds to offset the unexpected fuel costs or to put toward a new Hyundai or Kia vehicle. Read more at Hybrid Cars. BMW dealers are awaiting details on new dealership standards - and BMW i8 models for their showroom floors. According to BMW National Dealer Forum Chairman Steve Late, BMW dealers are anxiously waiting to see what sort of updates they'll need to do to get in line with BMW's Future Retail 2016 program. As for the new EVs, Late says that the BMW i3 sales were slow to start, but that once people learned more about it, "wham, bam, it is taking off." The i8 shortage is a bigger problem: "I was allocated three for 2014, and I have a waiting list of 47 people. This year, maybe I will get eight or 10, and I still won't be able to fulfill them." Still, Late says he won't sell the cars at an upcharge. Read more at Automotive News. Opel is reportedly planning an electric version of its Karl hatchback. According to German automotive magazine Autobild, Opel will begin selling the diminutive Karl EV by the end of 2018. The electric car will offer a driving range of about 93 miles. The gasoline-powered version is expected to begin deliveries this June. Read more at Automotive News Europe. PSA Peugeot Citroen says it will keep its Hybrid Air program alive as it looks for a cost-sharing partner. Hybrid Air technology uses a compressed air hybrid system to improve fuel economy as we saw in the Peugeot 208 Hybrid Air concept. A French newspaper reported that Hybrid Air won't make it to commercialization, and that the program's team of engineers has been reduced. A PSA spokesperson confirms the change to the program, saying, "We are now waiting for another partner to help us begin the production stage." Read more at Automotive News Europe. Related Video: