2009 Hyundai Accent Gl Hatchback 2-door 1.6l on 2040-cars

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Hyundai, Kia looking to cut costs

Hyundai and Kia are off to roaring starts in the United States this year, underscored by Kia's best sales month ever in May. But globally the situation for the South Korean siblings hasn't been nearly so positive. Recently, they reported their fourth consecutive quarter of decreasing operating profits worldwide, and now they're "making efforts to cut costs," according to a statement in a joint email obtained by Bloomberg. However, the companies aren't detailing where they would make the cuts or how much they want to save. The amount could be significant, though. An unnamed Hyundai senior executive reportedly told a South Korean newspaper that the business might be aiming for up to 30 percent in reductions. According to Bloomberg, Hyundai and Kia are facing falling total sales worldwide. Making the situation worse is that the strong Korean won versus the weaker Japanese yen gives competitors an advantage. The automakers also angered investors enough last year to prompt a stock buyback after paying $10 billion for the land for a future headquarters. The prognosis doesn't look utterly dire, though, and new products are on the way. For example, the Hyundai Santa Fe is being refreshed in South Korea, and the next-gen Elantra debuts at this year's Los Angeles Auto Show. There's also the Creta on the way for foreign markets. Additionally, several models are still awaiting the green light, including a Hyundai Genesis-based luxury crossover, a compact CUV, and the Santa Cruz unibody pickup. Meanwhile, the Kia GT is reportedly close to production, too. Related Video:

Hyundai will invest $35 billion in autonomy and emerging technologies

SEOUL — Hyundai Motor Group said it plans to invest $35 billion (41 trillion won) in mobility and other auto technologies by 2025, part of which will be directed to an ambitious effort to become more competitive in self-driving cars that has also received government backing. The plan, which Hyundai said encompasses autonomous, connected and electric cars as well as technology for ride-sharing, comes after the automaker and two of its affiliates announced an investment of $1.6 billion in a venture with U.S. self-driving tech firm Aptiv. South Korea's government is also onboard, unveiling more funding for autonomous vehicle technology with President Moon Jae-in declaring on Tuesday that he expected self-driving cars to account for half of new cars on the country's roads by 2030. "The self-driving market is a golden market to revitalize the economy and create new jobs," Moon said in a speech at Hyundai Motor's research center near Seoul. The government intends to spend 1.7 trillion won between 2021 and 2027 on self-driving technology. It expects Hyundai to launch level 4, or fully autonomous, cars for fleet customers in 2024 and for the general public by 2027, an industry ministry official told Reuters. But some experts question whether targets set by the government and the automotive group, which also includes Kia Motors, are realistic given the technological and cost challenges and the lack of home-grown technology. In a 45-page report on future automotive technology, the government acknowledged South Korea lags in some key areas necessary for self-driving cars such as artificial intelligence, sensors and logic chips. "Hyundai has to buy technology from someone else because it lacks software technology. Even though it has a lot of cash, this could become a financial burden if its earnings deteriorate," Esther Yim, an analyst at Samsung Securities, said. Other analysts noted that the prospects for self-driving cars are quite murky. General Motors' self-driving unit, Cruise, said in July it was delaying the commercial deployment of cars past its target of 2019 as tech firms and automakers acknowledge it will take more time and money than they had expected to make autonomous vehicles safe for unrestricted use on public roads. South Korea's government said it would prepare a regulatory and legal framework for autonomous cars and the safety questions they pose by 2024.

Hyundai planning 250-mile electric vehicle by 2020

Until plug-in vehicle buyers stop caring about all-electric range - and who knows when that might happen - the distance an EV can travel on a full charge will remain an important selling point. Most US drivers go less than 40 miles a day, but that's not stopping at least two high-profile automakers from building a 200-mile EV. Both the Chevy Bolt EV and the Tesla Model 3 are shooting for this target. They won't rest on their laurels. Hyundai is prepping a 250-mile electric vehicle for 2020. Byung Ki Ahn, Hyundai's director, eco-vehicle performance development group, revealed the plans to Autoblog today after also confirming a 200-mile EV for 2018. This is above and beyond the Ioniq EV that will launch in the US later this year with 110 miles of range. Hyundai already had revealed its plan to offer 26 new green models by 2020, including plug-ins, hybrids, and hydrogen fuel cell vehicles, but there were no specific details about the EVs mentioned there. The EV world will be quite different in four years, but Hyundai thinks it has a strategy to get its customers prepared for the launch of the three Ioniq models, which include a plug-in hybrid and a standard hybrid, and future EVs. Until now, the company believes, according to Chris Hosford, Hyundai's corporate communications executive director, the automotive industry has not yet adequately communicated the advantages and differences of plug-in vehicles to customers. As Hyundai prepares to flood the market with green models in the next few years, expect lots of educational materials to come from Hyundai dealerships, as well as commercials. "We know there is a lot of education necessary," Hosford said. Related Video: Featured Gallery 2017 Hyundai Ioniq: New York 2016 View 11 Photos Green Marketing/Advertising Hyundai AutoblogGreen Exclusive Electric exclusive range anxiety ev range hyundai ev