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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.

2018 Hyundai Kona First Drive Review | Serving style, price, and utility, in that order

Utility is an interesting word. As it applies to cars and trucks, it's a nebulous term — but this vague concept is the main reason for buying one rather than a coupe or sedan. Both truck-based SUVs and car-based CUVs claim a modicum of it. And so-called utility vehicles come in all shapes and sizes. The Hyundai Tucson could be considered a small crossover, but when you park the brand-new 2018 Hyundai Kona next to it, you'll see that the new kid is a full foot shorter than its older sibling. Crucially, though, for right about the same asking price, the Kona boasts a little more cargo space but slightly less rear-seat legroom than a Hyundai Elantra. That means a buyer could conceivably compare and contrast the subcompact Kona crossover with the compact Elantra sedan, and decide which shape better suits their needs. View 48 Photos More likely, however, a prospective buyer is going to know before even stepping foot into a dealership that they are interested in the Kona, not the Elantra, because they want the appearance of rugged capability (more than actual rugged capability). Buyers in this category rank design and style as more important than driving manners or fuel efficiency. Utility vehicles are perceived as stylish and trendy, so let's talk style. Design is critical in this segment, and that means boringness is a death sentence. The Kona certainly isn't boring, but it's also a little over the top, especially in the model's trademark Lime Twist bright green hue. Bright colors accentuates the various textures and finishes of the Kona's helmet-like front fascia. Having a vehicle that stands out from the crowd is a good thing, but we like the Kona better in darker colors. Split lighting units front and rear give the Kona a distinctive appearance, especially after the sun goes down with the lights turned on. Jeep introduced the split light look on the Cherokee several years ago, controversially – and subsequently the Cherokee has returned to conventional headlights. Despite Jeep's backtracking, the design works better for the Kona thanks to more compact proportions. It's also a new vehicle without the baggage and overwrought expectations of Jeep's adoring fanbase. The Kona is strongest in profile. The car's designers say the meandering cut lines that start over the front wheel arches, stutter and restart across the doors, and merge in the rear quarter panels over the blocky plastic moldings, are inspired by the flowing and unpredictable lines of lava.

Genesis designer Luc Donckerwolke talks new sedan, 'post-SUV' phase

Luc Donckerwolke's office at the Hyundai Research and Design center outside of Seoul looks like an Apple store, all polished concrete, metal and glass and a Miesian lack of ornamentation. This makes sense in an environment in which Donckerwolke, as head of design for the Hyundai and Genesis brands, is attempting to privilege transparency: enhancing communication and accessibility. "We have to break this kind of castle syndrome that the designers are in," Donckerwolke says. "It's all about opening up." This undermining of Korea's traditional orchestrated, hierarchical and executory structure is part of what has allowed Donckerwolke to create widely admired concepts such as the GV80 SUV and Essentia electric GT in just more than two years since he arrived from the VW Group leading design at Bentley, Lamborghini and Audi. And also to design the all-new G70 sport sedan that will be introduced to the U.S. market later this summer. We drove the G70 just before arriving for an exclusive one-on-one at Donckerwolke's R&D office, the first American journalists to visit. Although our time behind the wheel was brief, and we drove only the top-of-the-line, 365-horsepower, twin-turbocharged V6 version, we were impressed with the acceleration, the balance and the material quality. We also noted that the G70 is very good looking, with a distinctive, muscular and aggressive mien that feels true to the company's mission to be at once "Audacious, Progressive and Distinctly Korean." Like much of what we saw and experienced in contemporary Seoul, the car hosts a unique blend of influences from America, Europe and Asia while offering a harmony of line and a grounded sense of self that seems endemic to the peninsula. This global-but-flavored template is intentional. "We are not going to do Korean cartoons on wheels," Donckerwolke says. "We're not going to become a patriotic Korean movement. It's only about the essence of the Korean culture that we are using as an inspiration." One thing we could not help but notice is that the G70 is a sedan, joining a pair of older, Hyundai-based sedans, the G80 and G90, to complete the Genesis lineup. This feels somewhat inauspicious in the moment, especially for the American market where two-thirds of new-vehicle purchases are trucks and SUVs. "As you probably have seen when you've been driving around, sedans are extremely demanded here in Korea. And, you know, we have a huge market penetration here.