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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.

WRC driver fills radiator with beer from sponsor Corona

Rallying requires lightning quick reflexes and the ability to turn off one's sense of self-preservation. This much is not in doubt. Anyone that's ever seen a rally car hurtle along a tree-lined spit of dirt road at high speeds could tell you that. What many people don't know is that it also requires a strong mechanical sense. Knowing how to repair one's car when far from the service garages is a must. A strong sense of ingenuity is pretty handy, as well.
It was that sense of ingenuity that came to the aid of Thierry Neuville (shown above during last weekend's Rally Mexico), a WRC driver for the Hyundai Motorsport team, after his i20 suffered a radiator leak during the drive back to service. Neuville and his co-driver, Nicolas Gilsoul, hopped out of the car, assessed the issue and realized they needed to patch the radiator leak and refill the coolant, which they were fresh out of. So, instead, they used beer.
The pair had been awarded a magnum-sized bottle of Corona from the Rally Mexico's corporate sponsor after the final power stage. As Neuville doesn't drink, they tossed the beer in the back of the i20 and set off for the garages. It was a good thing they did, as adding the Mexican lager to the car's system allowed them to limp back to service.

Zipcar adds roof racks for nature loving urbanites

Hauling a bicycle, surfboard, snowboard, or a pair of skis can be a pain. Their size makes them awkward to carry, and a good roof rack can be expensive and cumbersome to install. If a thief decides that they need the rack (or what's on it) more than you, you're looking at a loss of several hundred dollars, or at the very least damage to your car a comprehensive insurance claim. Ask me how I know. Zipcar has the solution. The car sharing company has teamed up with rack and cargo manufacturer Yakima to supply roof rack equipped rentals in 17 North American markets. In the US, Zipcar customers will have the option between a Subaru Impreza or a Subaru XV Crosstrek equipped with a Yakima roof rack. Canadian customers can rent a Hyundai Elantra. Fine choices, but it seems like a missed opportunity to revive the old Volkswagen Jetta Trek edition. The Yakima mounts on the cars are adjustable and can hold two bikes, six skis or four snowboards, or two surfboards or paddleboards. Rates, as always, vary based on use. This isn't the first time Zipcar has offered Yakima bike racks for their vehicles for those outdoor enthusiasts that choose to live car free. Back in 2011, the company outfitted a number of vehicles in its New York City fleet with complimentary racks and New York State park passes. Related Video: News Source: Zipcar Green Hyundai Subaru Transportation Alternatives ridesharing zipcar