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Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.

Hyundai Azera fate in question for US

The Azera has been consistently outsold by its rivals. Through June, Hyundai has shifted just 4,191 units.
Hyundai's dealers call the Azera the "nicest car nobody knows about." That's according to Mike O'Brien, Hyundai Motor America's vice president of corporate and product planning. Indeed, the fullsize sedan is a handsome, well-rounded machine, loaded with creature comforts. Yet it's not selling well, and its space in Hyundai showrooms is about to get a whole lot more crowded thanks to the newly spruced-up 2015 Sonata. No surprise, then, that company officials admit that the model's future in the US is uncertain.

Hyundai Azera large sedan officially dead in America

Hyundai has released its 2018 model year information, and it appears the Azera won't be making the cut for the new year. The large sedan has been cut from the American lineup, though overseas markets will still have access to the car. In fact, those markets will enjoy a fully redesigned model with muscular lines and an upright fascia. Hyundai's reasoning for dropping the Azera model is that other Hyundai models, as well as the current crop of Genesis cars, are becoming more widely appealing. So, basically, the narrow range of consumers that demanded a larger, more "luxurious" vehicle than the Sonata, but weren't willing to make the small jump to a Genesis, is too small to keep the model around. There are a couple of other noteworthy changes in the 2018 Hyundai lineup. The new Accent sedan is still on its way to dealerships, but the Accent hatchback is gone. Since the company hasn't shown an Accent hatch yet, we're not completely surprised by its omission. What is odd is that there's no hint in Hyundai's wording at it being introduced at a later date. Despite that, there's still the possibility Hyundai will simply introduce a hatchback version later, as it did with the Elantra and Elantra GT. And perhaps, in the vein of that i30-based Elantra GT, the Accent hatch could be based on the i20 this time. Speaking of hatchbacks, the Veloster won't have a 2018 model year. Instead, the 2017 model year has been extended through 2018. We of course know that the Veloster isn't going away permanently, since we've seen spy photos of new versions. So we suspect that this long model year indicates that we'll see the new Veloster by the end of this year, or possibly the start of 2018, with a launch a few months after for the 2019 model year. Related Video: