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Hyundai, Kia looking to cut costs

Hyundai and Kia are off to roaring starts in the United States this year, underscored by Kia's best sales month ever in May. But globally the situation for the South Korean siblings hasn't been nearly so positive. Recently, they reported their fourth consecutive quarter of decreasing operating profits worldwide, and now they're "making efforts to cut costs," according to a statement in a joint email obtained by Bloomberg. However, the companies aren't detailing where they would make the cuts or how much they want to save. The amount could be significant, though. An unnamed Hyundai senior executive reportedly told a South Korean newspaper that the business might be aiming for up to 30 percent in reductions. According to Bloomberg, Hyundai and Kia are facing falling total sales worldwide. Making the situation worse is that the strong Korean won versus the weaker Japanese yen gives competitors an advantage. The automakers also angered investors enough last year to prompt a stock buyback after paying $10 billion for the land for a future headquarters. The prognosis doesn't look utterly dire, though, and new products are on the way. For example, the Hyundai Santa Fe is being refreshed in South Korea, and the next-gen Elantra debuts at this year's Los Angeles Auto Show. There's also the Creta on the way for foreign markets. Additionally, several models are still awaiting the green light, including a Hyundai Genesis-based luxury crossover, a compact CUV, and the Santa Cruz unibody pickup. Meanwhile, the Kia GT is reportedly close to production, too. Related Video:

The last Hyundai V8 car is already here

Hyundai will end production of V8-powered cars this year, if a new report out of South Korea proves true. It would make the 5.0-liter unit found in the current Genesis G90 sedan the final Hyundai Tau V8. According to South Korean website Daum, the updated Genesis G90, expected later this year, will no longer have the 420-horse, 383 lb-ft V8 available as an option. The top-grade engine will, moving forward, be the 3.5-liter twin-turbo V6, good for 380 horsepower and edging out the V8 with 391 pound-feet of torque.  In addition, the V8 was discontinued for the updated Kia K9 recently. We knew that model as the Kia K900 in the U.S., and dropping the V8 was a moot point for us because the entire model was eliminated for 2021. We thought that the V8 might be on its way out when we saw the 2022 Genesis G90 testing under heavy camouflage. It's not surprising, considering the entire industry is moving toward smaller, forced-induction engines. According to Daum, the G90 will be redesigned with an eye toward weight reduction, chassis rigidity, and a lower center of gravity. An electric version, likely called the eG90, is expected as well. It'll almost certainly receive the quad headlight signature of two thin lines on either side of a large crest grille as well. Going even further, the site claims that the G90 will feature a rear-wheel steering system to improve cornering and high-speed stability. The V6-powered 2022 Genesis G90 is expected to debut later this year, and the electric version will follow at a later date. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

EPA says it will more closely monitor fuel economy claims from automakers

The unintended acceleration brouhaha at Toyota led to the National Highway Transportation Safety Administration tightening the vise on recall procedures. Likewise, the fuel economy kerfuffle that blew up with Hyundai and Kia's admission of overstated fuel mileage claims could lead to the Environmental Protection Agency policing automaker assertions by performing more audits.
At least, that's what a senior engineer with the government agency said while in Michigan giving a talk, according to a report in Automotive News. What that actually means, however, is still in question. Just ten to 15 percent of new vehicles - something like 150 to 200 cars per year - are rested by the EPA to verify automaker numbers. The EPA's own tests include a "fudge factor" to adjust lab mileage for real-world mileage, and the agency still relies on automakers to submit data for tests that it doesn't have the facilities to perform. How much more auditing can the EPA really expect to do, or perhaps a more relevant question would be how much more accurate could the EPA's audits become?
The price of gasoline, the psychological importance of 40 miles per gallon to a frugal car buyer, an automaker wanting to further justify the price premium of a hybrid, all of these things contribute to fuel economy numbers that insist on creeping upward. Perhaps the senior engineer encapsulated the whole situation best when he said, "Everybody wants a label that tells you exactly what you're going to get, but obviously that's not possible. A good general rule of thumb is that real-world fuel economy is about 20 percent lower than the lab numbers." If the lesson isn't exactly 'buyer beware,' it's at least 'buyer be wary.'