2014 Hyundai Accent Gls on 2040-cars

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Hyundai's Genesis luxury brand not going to Europe this decade

After dipping into the premium market with the Genesis and Equus sedans, Hyundai made headlines with the planned launch of a separate premium brand, Genesis. It starts with the renamed G80 (nee Genesis) and redesigned G90 (Equus) sedans here in the US, but European consumers will have to wait. "To launch a premium brand in Europe is a challenge and it's an even bigger challenge if you don't have the products you need for the market," Hyundai Europe Chief Operating Officer Thomas Schmid told Automotive News Europe. "Europe won't see it before 2019. The main reason is we need different powertrains." Powertrains aren't the brand's only shortcoming. With the G70 – a 3 Series competitor – coming as the third showroom product, the brand also won't have a competitor in the increasingly important crossover ranks. As Schmid told ANE, "we don't yet see the right moment to do it because at the end, we want to be successful, and successful also means profitable." Initially, Genesis will launch in North America, the Middle East, China, and South Korea. Pushing back the European launch to 2019 or 2020 should give Genesis some breathing room, ANE reports. By that point, the company will offer six different vehicles, including two CUVs. According to Schmid, the brand would launch in Europe with just five vehicles. At halfway through 2016 and nothing but the G70 on the radar, expect an aggressive product launch schedule in the coming years if Genesis is going to stick to that timeline. Related Video: Featured Gallery Genesis Hybrid Sport Sedan Concept View 10 Photos News Source: Automotive News EuropeImage Credit: Genesis Genesis Hyundai Crossover Luxury

South Korea island of Jeju becoming an EV-incentive heaven

When it comes to providing some island EV love, we can point to Hawaii, which has been pushing hard for greater electric-vehicle adoption through subsidies and a broader charging network. Now, South Korea has Jeju. We're not sure if the surf is as good. Like Hawaii, Jeju is focusing on a "carbon-free" existence and lowered fossil-fuel dependency as a way to help the environment while addressing the extra expenses involved in providing fuel locally, Wards Auto says. Jeju, which is about 720 square miles, provides about $7,000 worth of EV incentives on top of those provided by the South Korean government. As a result, the cost of buying an EV can be cut in half. In the case of a Chevrolet Spark EV, going electric actually has a lower out-of-pocket price tag than buying a gas-powered counterpart on the island. South Korea's Ministry of Environment has earmarked about $14,000 in subsidies for each EV purchase, while 10 South Korean cities are adding on incentives anywhere from about $2,800 to $7,400 per vehicle. South Korean automaker Hyundai and affiliate Kia are just starting to do their part to boost the country's EV sales, which didn't even break the 800-unit mark last year. Kia recently said it will start making its 2015 model-year Soul EV in April, with sales debuting in South Korea by the end of the year. Hyundai is said to start selling its own EV starting in 2016. News Source: Wards AutoImage Credit: Korean Tourism Organization Government/Legal Green Hyundai Kia Electric incentives tax incentives island

Hyundai missing Q1 earnings targets blamed on slow US sales

Slow US growth is hampering profits at Hyundai. In its first quarter financial statement, the Korean automaker reported a profit of 1.93 trillion won ($1.86 billion). According to Reuters, this is less than analysts' expectations and nearly the same as last year.
According to the report, US sales fell by 3 percent in Q1 2014. To make matters worse, the high value of the South Korean currency caused lower profits on models exported from there. On the bright side, Hyundai's Chinese sales rose by 9 percent, according to Reuters. It's also working on building a fourth factory there.
The company has had a rough time in the US throughout the quarter. John Krafcik, the CEO of Hyundai of America, stepped down on January 1, and the company was already predicting slow growth in sales for 2014. Falling quality scores for the Sonata and Elantra aren't helping matters either. However, there may be hope on the way. The second-generation Genesis Sedan was introduced to the US in Detroit, and the redesigned Sonata was recently shown in New York. Successful launches of these important models could prove crucial.