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Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.

Kia K900 with 650 hp debuts at SEMA

Kia revealed a monster-powered K900 - with output approaching 650 horsepower - this week at the SEMA Show in Las Vegas. Fittingly called the "High-Performance" K900, the sedan gets a Garrett 2871R twin-turbo application, which boosts the 5.0-liter V8 engine from its stock rating of 420 hp.
The heady power is underscored by a sinister appearance package, which includes a custom body kit with carbon-fiber inserts, blacked-out chrome trim and 21-inch gloss black wheels. The K900 also has a lowered Eibach suspension and eight-piston brakes with 15-inch cross-drilled rotors.
Inside are tan leather seats with black suede accents. Eleven-inch monitors are mounted in the seatbacks, and the trunk features a specially designed compartment for a racing suit.

Hyundai finally settles inflated fuel economy claims lawsuit for $41.2 million

Remember when Hyundai and Kia changed their claimed fuel economy numbers for a bunch of models? That happened back in 2012, and Hyundai has finally settled a lawsuit concerning the economy adjustment with a payment of $41.2 million. The lawsuit was filed by 33 state attorneys general, as well as one from Washington D.C. Each state will decide how to use its money from the settlement. According to Hyundai, this settlement was an "amicable agreement," and the company also denies any wrongdoing in changing claimed fuel economy numbers. Hyundai also reports that the agreement was reached, in part, due to the reimbursement program instituted after the economy adjustment. This program allows owners to be reimbursed the extra fuel cost, with payments determined by miles driven. The payments are sent after an owner has an affected car's odometer checked by a dealer. In addition, Hyundai also offered lump-sum payments as an option after the results of a class-action lawsuit. So far, the company reports about 75 percent of eligible owners have participated in the program. This isn't the only major payment Hyundai has made concerning the fuel economy issue. In 2014, Hyundai paid roughly $300 million in fines to the EPA. The company was also sued for inflated fuel economy claims in South Korea. In the US, models affected by the adjustment include the Hyundai Santa Fe, Accent, Veloster, Sonata Hybrid, Tucson, Genesis and Azera, along with the Kia Soul, Rio, Sorento, Sportage and Optima. Related Video: Image Credit: Patrick T. Fallon/Bloomberg via Getty Images Government/Legal Green Hyundai Kia