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Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

2017 Kia Cadenza is a redesigned head scratcher

The second-generation Kia Cadenza has unexpectedly bowed at the 2016 New York Auto Show, and we're left wondering how this thing even survived to get a second generation. The Cadenza has been on sale since 2013 and it's never sold over 10,000 units in one year. Even if you combine US and Canadian sales, Kia's best year for the Cadenza was 2014, where it sold just 9,427 cars. So, what's Kia done to the second-gen car to improve on that disappointing stat? Perhaps the biggest change is the platform the Cadenza rides on. It's lighter and stiffer, which means it's probably going to be a far better dancer than the boat-like first-gen model. Cutting the weight also allowed Kia's engineers to fit more sound deadening, which alongside a sound-absorbing laminated windshield and front windows will likely lead to a quieter ride. Better handling and a quieter ride? Okay Kia, we're paying attention. The Cadenza's 3.3-liter V6 still sits under hood, but it's paired to an eight-speed automatic for the first time. That, alongside a new tune for the engine, should improve on the current Cadenza's 19-mile-per-gallon city and 28-mpg highway stats. Kia hasn't released an estimate of how much of an improvement it will be, but we suspect it'll be modest. Frankly, we're still a bit confused about why Kia is carrying on with the Cadenza. Its rivals sell in far higher volumes – in 2015, the Nissan Maxima sold over 40,000 units, the Buick LaCrosse did 42,000, and the Toyota Avalon did 60,000 – and two of those cars, the Maxima and LaCrosse, have just been fully and completely reworked. Then take into account America's increasing disdain for sedans/infatuation with crossovers, and Kia pushing through the second-gen Cadenza is just a puzzling move. Still, the visual updates, platform improvements, and powertrain changes are positive – will that be enough to turn around the Cadenza's struggling sales? We have no idea, but things can't get much worse.

Kia Niro shares Hyundai Ioniq parts, could become an EV

It's time for the Chicago Auto Show, so it's no surprise that Kia has warmed up the chilly February air here with a green vehicle debut. This year it was the Niro, the brand's first dedicated hybrid, and it follows past Chicago debuts like the Soul EV and the Optima Hybrid. Like those vehicles, the Niro is not going to take long to get from the concept stage to showroom. Steve Kosowski, Kia Niro project manager, told AutoblogGreen that the first Niro hybrids will arrive in all 50 US states in about 11 months. The Niro will only be offered as a hybrid – both with a plug and without – but Kosowski could not say when the PHEV will arrive, other than, "a little later in the lifecycle." The standard hybrid will be certified as a 2017 model-year vehicle, but the PHEV might become a 2018, or even later. A PHEV will arrive "a little later in the lifecycle." Kia is on a mission (with Hyundai, see below) as it develops the Niro to get incredibly high fuel economy. Kosowski said that the defining mantra was, "Let's see what we can do when the resources are focused on hitting 50 miles per gallon and the only way the car is going to be built is with an electrified powertrain," he said. View 18 Photos Knowing that the Niro would have a battery allowed Kia and Hyundai engineers to plan things out together, because the Niro will share a lot of components with the upcoming Hyundai Ioniq. "The whole powertrain is essentially shared between the two," Kosowski said. "There are a few little tuning differences, but it's a 1.6 GDI, four-cylinder from the Kappa engine family that is the basis for both cars. The motor is sandwiched between the engine and the transmission, there's a clutch there. And the DCT is also shared between both cars." They both ride on the same 103-inch wheelbase, and the track width is similar as well. There might be some changes with the ratios and the tunings, Kosowski said, but the two companies are obviously working together to make these two vehicles very real, very soon. The main difference between the Niro and the Ioniq that the Kia is a CUV while the Hyundai is a sedan. "The market for electrified vehicles is changing rapidly." - Steve Kosowski Going into the process with electrification in mind meant "that the engineering, the platform layout, the way the car crashes, the way the car comes together, the way the car is assembled, all of that is engineered around having a battery," Kosowski said.