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Hyundai fined $17.35 million for late Genesis recall

The National Highway Traffic Safety Administration has slapped Hyundai with a $17.35 million fine for delaying a recall on the 2009 to 2012 Hyundai Genesis sedan back in 2013. The recall grew from the original figure of 27,500 units to 43,500 sedans in November of last year, and focused on brake fluid that wouldn't prevent corrosion of the hydraulic control unit.
"Hyundai remains committed to making safety our top priority, and is dedicated to ensuring immediate action in response to potential safety concerns including the prompt reporting of safety defects," David Zuchowski, Hyundai's president and CEO, said in a statement.
Hyundai originally issued a technical service bulletin warning dealers to replace brake fluid. This was expanded to a full recall following NHTSA's involvement.

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 exec admits company studying pickup, no foolin'

Automotive News reports Hyundai may be considering jumping into the US pickup market. Lee In-cheol, ice president of international sales, says the company's product planners and engineers are currently trying to determine what size pickup would be best for our market. Currently, the automaker has no plans to build a truck, but Lee says that hasn't stopped US dealers from asking the company to produce one. The US and South Korea signed a free trade agreement that took effect in 2012 that removes the so-called Chicken Tax from South Korean imports in seven years.
That means that Hyundai or Kia could import a foreign-built truck without incurring the 25 percent tax on the vehicle's value after 2021. Even so, Hyundai isn't committed into jumping into the US full-size pickup market. Instead, the company may build a smaller truck designed to compete in emerging markets.
We've been hearing word about Hyundai's pickup musings for years now, including a rumored partnership with Chrysler to produce Ram-based trucks, but so far, nothing has come of it.