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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 previews new minivan ahead of New York debut

Kia has grown by leaps and bounds in recent years, but the Sedona has hardly been representative of that maturation. Known in some overseas markets as the Carnival, Kia's current minivan was introduced 2006, withdrawn from US showrooms at the end of 2012, then reintroduced again a year ago. Despite the product renaissance, however, the Sedona is essentially the same dated vehicle it has been for eight years now, but Kia is intent on replacing it.
We've been seeing spy shots of a new Kia minivan for several months now, and broke word a couple of months ago that the finished product would be unveiled in New York this month. Now Kia has not only confirmed the new Sedona's imminent arrival, it has released this teaser image to keep us on our toes.
The teaser shows a vehicle more or less in line with what we'd expect of a modern Kia, tabbed grille and all. This view suggests fewer design cues from the KV7 concept have been carried over than was previously thought, but we'll need to see the entire vehicle to know for sure. Kia isn't saying much about its "all-new midsize multi-purpose vehicle" in the press release below at this point, revealing only that it "will challenge the segment and will offer the functionality to transport as many as eight passengers and their belongings while also serving as a purposeful offering for adventure seekers."

Hyundai, Kia electric vehicles to use Tesla's NACS charging ports starting next year

Hyundai and Kia say that they're adopting North American Charging Standard ports for their electric vehicles in the U.S. and Canada, which will give the vehicles access to thousands of Tesla Superchargers across the two countries and Mexico. Tesla’s Superchargers are coveted by other automakers because Tesla has more direct current fast-charging plugs in the U.S. than any other network, and its stations are in prime locations along freeway travel corridors. Hyundai Motor North America said Thursday that new Hyundai electric vehicles in the U.S. will come with the NACS port starting in 2024's fourth quarter. It will begin in Canada in the first half of 2025. Hyundai's luxury brand, Genesis, will also start using the NACS ports. Kia said it plans to build the NACS port into new electric vehicles sold in the U.S., Canada and Mexico, also in the fourth quarter of next year. “Having this kind of sprawling access to chargers will no doubt boost customer satisfaction, elevate the EV ownership experience, and enable drivers to reach more destinations across the continent on electricity,” Seungkyu (Sean) Yoon, president & CEO, Kia North America and Kia America, said in a statement. Hyundai and Kia electric vehicles with NACS ports will be able to access more than 12,000 Tesla Superchargers throughout the U.S., Canada and Mexico. This will double the size of the DC fast charging network available to Hyundai electric vehicle customers. The Tesla network will be able to support the charging speeds on HyundaiÂ’s advanced Electric-Global Modular Platform vehicles, including IONIQ 5 and IONIQ 6 and the upcoming IONIQ 7. Tesla's electric vehicle plug has steadily moved closer to becoming the industry standard. In June SAE International, formerly the Society of Automotive Engineers, said that it would set performance standards for TeslaÂ’s electric vehicle charging cords. The move by the key U.S. automotive industry organization came just weeks after Ford, General Motors and Rivian said they would join TeslaÂ’s large Supercharger network and adopt its NACS connector in new versions of their electric vehicles. Volvo Cars has also signed a deal with Tesla to join its charging network.