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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

Kia teaming up with DUB to bring modified Stinger GT and K900 to SEMA

SEMA kicks off this week, so continue to look for all manner of modified cars, trucks and SUVs. For years, SEMA was ruled by aftermarket companies — it isn't called the Specialty Equipment Marketing Association for nothing — but in recent years, the automakers themselves have used the show as an opportunity to showcase a variety of fun but often garish modified vehicles. This year, Kia is bringing a pair of cars that appear to fall somewhere in the middle of the spectrum. All we have right now are a few teaser images of a bright blue Kia K900 and a silver over red and black Kia Stinger GT. Kia has teamed with DUB, one of the most famous aftermarket outfitters in the business, to design the vehicles. The K900 has been updated with gloss black accents, 24-inch wheels, a blue and black interior, air suspension and a "specially developed multimedia setup." We'll be disappointed if that doesn't mean TVs in the headrests. The Stinger GT will have 22-inch wheels, a custom intake and exhaust, air suspension and a redone interior. We won't have any other details until the cars are fully revealed at Kia's press conference, but stay tuned to the site this week for more SEMA coverage from Kia and other automakers and suppliers. Related Video: Featured Gallery DUB 2019 Kia Stinger GT: SEMA 2018 View 11 Photos Related Gallery DUB 2019 Kia K900: SEMA 2018 View 9 Photos Related Gallery Kia SEMA 2018 News Source: KiaImage Credit: Live photos copyright 2018 Drew Phillips / Autoblog.com Aftermarket Design/Style SEMA Show Kia Sedan kia k900 kia stinger gt kia stinger

Hyundai, Kia and Genesis EVs recalled for damaged charging control unit

Hyundai Motor America and Kia America are recalling a combined 147,100 U.S. vehicles over a damaged charging unit, the National Highway Traffic Safety Administration (NHTSA) said on Thursday. Hyundai will recall 98,878 vehicles, including certain 2022-2024 Ioniq 5 and Ioniq 6, Genesis GV60, Genesis GV70 Electrified and Genesis GV80 Electrified models, while Kia will recall 48,232 vehicles impacting certain EV6 models. The Integrated Charging Control Unit (ICCU) "may become damaged over time from transient high voltage and thermal cycling" and stop charging the 12-volt battery, which can result in a loss of drive power increasing the risk of a crash, the safety regulator said. Kia notes that there will be "audible warning chimes and one or more of the following: Illumination of "Check Electric Vehicle System" warning light, Master warning light, Charging system warning light, "Stop vehicle and check power supply" warning light, power down (turtle) warning light and/or reductions in motive power." Dealers will inspect and replace the ICCU and its fuse, as necessary. In addition, dealers will update the ICCU software. Material from Reuters was used in this report. Green Recalls Genesis Hyundai Kia Electric