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Honda, Hyundai top car residual value / depreciation awards list

J.D. Power announced its 2022 U.S. ALG Residual Value awards Thursday, with Honda and Hyundai topping the charts at three models apiece in the industry-standard study. The term "residual" is an industry projection of how well a car will hold its resale value three years from the original purchase date – a key metric in calculating lease costs and projecting new-car depreciation.  Award winners included several enthusiast-friendly options, including the BMW 2 Series, Dodge Charger, Subaru WRX, Mercedes-AMG GT and Toyota Tacoma. Even the Ford Bronco was recognized, beating out the Jeep Wrangler in the Off-Road Utility segment. That may seem odd given the car's issue-plagued launch, but scarcity apparently trumps quality control issues over the longer term. Here's a scrolling complete list of winners broken down by segment: “Accurately forecasting residual values in the auto industry is a key factor in assessing an estimated $225 billion lease portfolio of vehicles in the United States,” said ALG VP Eric Lyman in the company's announcement. "The brands and vehicle models that rise to the top demonstrate that they score well across the award programÂ’s criteria, including manufacturersÂ’ superior design and quality." ALG looks at several factors to determine future value, which is especially tricky with new models. For 2022, 16 different brands were recognized across 29 segments. Behind Honda and Hyundai, Audi, Kia, Mercedes-Benz, Land Rover and Subaru all managed to chart with two different models. Here's the rundown of those who won in more than one category: Honda Civic Honda Passport Honda Odyssey Hyundai Accent Hyundai Kona Hyundai Kona EV Audi A6 Allroad Audi Q3 Kia K5 Kia Telluride Land Rover Range Rover Velar Land Rover Discovery Mercedes-AMG GT 4-Door Mercedes-Benz Metris:  Subaru  WRX and  Subaru Forester Toyota Tacoma  Toyota Tundra "The award process consists of evaluating 284 models through analysis of used-vehicle performance, brand outlook and product competitiveness," the announcement said. "Eligibility for a brand award requires a manufacturer to have model entries in at least four different segments. To account for differences across trim levels, model averages are weighted based on percentage share relative to the entire model line."   Audi Honda Hyundai Kia Land Rover Mercedes-Benz Subaru Toyota

Kia recalling 377k Sorentos that can accidentally shift out of park

Kia has announced that it will recall 377,000 Sorento crossovers built between October 19, 2009 and January 31, 2013, which equates to model years 2011 through 2013. The affected vehicles may suffer failure in the brake-shift interlock mechanism. Put enough force on the lever and the interlock will crack or chip. Once that happens, the Sorento can be shifted out of park without stepping on the brakes. That's bad news for safety, and as the National Highway Traffic Safety Association bulletin notes, it's a violation the Federal Motor Vehicle Safety Standards on theft protection. Naturally, Kia will notify owners of the affected vehicles and ask them to report to dealers for a new brake-shift interlock mechanism. Repairs will be carried out free of charge. The official start date of the recall is November 24. Read on for the official press release from Kia. RECALL Subject : Brake-Shift Interlock Mechanism Can Chip or Crack Report Receipt Date: OCT 06, 2015 NHTSA Campaign Number: 15V626000 Component(s): POWER TRAIN Potential Number of Units Affected: 377,062 Manufacturer: Kia Motors America SUMMARY: Kia Motors America (Kia) is recalling certain model year 2011-2013 Kia Sorento vehicles manufactured October 19, 2009, to January 31, 2013. In the affected vehicles, if excessive force is applied to the gear shift lever, the brake-shift interlock mechanism may chip or crack allowing the transmission being able to be shifted out of "Park" without the brakes being depressed. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 114, "Theft Protection." CONSEQUENCE: Without requiring the brake to be pressed, the vehicle may be unintentionally shifted out of Park, allowing it to roll, which may result in a crash. REMEDY: Kia will notify owners, and dealers will replace the brake-shift interlock mechanism, free of charge. The recall is expected to begin November 24, 2015. Owners may contact Kia customer service at 1-800-333-4542. Kia's number for this recall is SC124. 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.

Hyundai Palisade and Genesis GV80 production idled

In February of this year, the coronavirus pandemic forced Hyundai Motor Company to idle production at most of its factories in South Korea. The Chinese suppliers that provided wiring harnesses for models like the Hyundai Palisade and Genesis GV80 hadn't recovered from their COVID-19 shutdowns, causing a shortage of components. Since then, Hyundai, along with automakers around the globe, has faced repeated hurdles to restoring desired production numbers. Just-Auto reports another hiccup, with Hyundai compelled to shut down lines that build the Palisade and GV80 at its Ulsan, South Korea complex again last week over a lack of parts. Just-Auto didn't specify the parts in question. On top of that, Hyundai had already idled three lines at two plants after an employee at a supplier died, the cause of death thought to be COVID-19. Kia needed to do the same for two entire facilities in South Korea after two plant workers were diagnosed with the illness. In the U.S., Hyundai Motor Manufacturing Alabama was idled from March 18 to May 4, resuming production at lower output on May 4 to manage inventory after the coronavirus and lockdown measures gutted new car sales.   Hyundai, like giant Ford and tiny McLaren, will be ruing the lost momentum of its recovery. The group turned in its best quarterly profit since 2017 at the end of last year, thanks to the larger margins that crossovers and SUVs deliver. Hyundai brand U.S. sales last year of 688,771 units was tantalizing close to an annual sum the brand hasn't hit since 2012. In January, the automaker predicted it would improve on last year's 3.5% group operating profit margin by hitting 5% this year. The nearly 10,000 reservations taken for the GV80 fueled the optimism, when Genesis sold just over 21,000 vehicles in total last year in the U.S. However, through the first quarter, group sales were down 11% globally and in the U.S. Worse, Just-Auto says the group's global sales have nosedived 26% through the first five months. The production halts on the models that deliver the best return will prolong the pain and make it sharper. Related Video: