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Hyundai Motor plans 17 EVs, $16B investment by 2030

SEOUL — South Korea's Hyundai Motor Co said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses. It also said it plans to introduce 17 EVs in that timeframe, six from Genesis and 11 from the Hyundai brand. Hyundai announced that three of those EVs would be sedans, along with six SUVs, a light commercial vehicle and one new type of model. It will begin sales of the Ioniq 6 later this year, followed by the Ioniq 7 in 2024. Hyundai Motor, which together with affiliate Kia Corp is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day. The Seoul-based automaker said it aimed to achieve an operating profit margin of 10% or higher in EV business by 2030. "Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic," Hyundai Motor Chief Executive Officer Jaehoon Chang said. Analysts, however said Hyundai's $16 billion investment in EV business would not be considered an "aggressive" approach compared to its rivals, adding, the investment is easily dwarfed by bigger rivals including Toyota Motor Corp, which plans to invest 8 trillion yen ($69.43 billion) for electrification by 2030. "Hyundai is allocating about 20% of its 95.5 trillion won investment to EV related businesses, which includes building new plants, EV charging stations and strategic alliances with battery manufacturers and the investment amount for EV does not seem too surprising or aggressive," said Eugene Investment & Securities analyst Lee Jae-il. Chang said Hyundai was considering building new dedicated EV production plants without proving details of new factories, including locations and timeline. Analysts said Hyundai would be eying on building dedicated EV factories in the United States, as it considers that as its key EV market. Shares in Hyundai Motor closed down 2.6%, compared to the benchmark KOSPI's 0.2% gain. ($1 = 1,205.2600 won) ($1 = 115.2300 yen) (Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Rashmi Aich) Related video: This content is hosted by a third party.

Hyundai recalls Elantra to fix stability control system

The Basics: Hyundai will recall 155,000 examples 2011 and 2012 Elantra with production dates between October 29, 2010 and October 25, 2011. The Problem: A malfunctioning yaw sensor for the electronic stability control system can cause the application of one or more of the brakes and cut power to the engine, as well as the illumination of the ESC indicator light. Injuries/Deaths: None reported. The Fix: Dealers will check the ESC sensors and update the ESC calibration free of charge. If You Own One: Hyundai is expected to notify affected owners about the recall beginning February 19, 2016. Owners may contact Hyundai customer service at 1-800-633-5151, citing Hyundai's number for the recall, 137. Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Report Receipt Date: DEC 23, 2015NHTSA Campaign Number: 15V871000Component(s): ELECTRONIC STABILITY CONTROLPotential Number of Units Affected: 155,000Manufacturer: Hyundai Motor AmericaSUMMARY: Hyundai Motor America (Hyundai) is recalling certain model year 2011-2012 Elantra vehicles manufactured October 29, 2010, to October 25, 2011. Due to an electronic stability control (ESC) sensor malfunction, the brakes for one or more wheels may be applied unexpectedly and the engine power may be reduced. These symptoms will be accompanied by illumination of the ESC indicator lamp in the instrument cluster.CONSEQUENCE: If the one or more of the brakes are inappropriately applied, control of the vehicle may be lost, increasing the risk of a crash.REMEDY: Hyundai will notify owners, and dealers will verify the proper operation of the ESC sensors, and update the ESC system's calibration, free of charge. The recall is expected to begin February 19, 2016. Owners may contact Hyundai customer service at 1-800-633-5151. Hyundai's number for this recall is 137.NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Featured Gallery 2011 Hyundai Elantra Limited: Review View 23 Photos News Source: National Highway Traffic Safety AdministrationImage Credit: Copyright 2016 AOL Recalls Hyundai Safety Economy Cars Sedan

Weekly Recap For 7.29.16 | Autoblog Minute

A recap of the week in automotive news, including the latest video of Acura's NSX GT3, and the IIHS' most recent Top Safety Pick+ award recipient. Acura Hyundai Autoblog Minute Videos Original Video autos gt3 recap acura nsx gt3