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Genesis changes its mind on retail plans

Genesis will apparently open the doors to its nascent dealership network to all existing Hyundai dealers, reversing its earlier plan to launch a separate, much more limited retail network as a way to distinguish the brand. The brand's general manager, Erwin Raphael, told Hyundai's dealer council last week that Genesis would allow all Hyundai dealers the opportunity to sell the luxury brand in the U.S. That amounts to a 180 on plans announced in January, when the two-year-old spinoff said it planned to build out a network of about 100 Genesis retailers in around 48 mostly urban luxury markets, with first dibs on the franchises going to high-performing Hyundai dealers. The plan was to have separate branding, with the long-term goal of having them all operating out of standalone facilities after launching in temporary or shared showrooms. Per Automotive News, Genesis will no longer confine its sales to those 48 markets. All Hyundai dealerships will be able to apply to be licensed as Genesis dealers, though 2019 models will only be shipped to the newly franchised Genesis retailers. About 350 "elite" Hyundai dealerships that already sell the G80 and G90 sedans can continue to sell them, or take previously offered settlement money and move on. Those who become or remain Genesis dealers will have to sign new or separate franchise agreements that were expected to go out this week or next. Genesis will still require separate, standalone stores and service facilities. The news will likely please Hyundai dealers who have been frustrated or confused by Genesis's rollout strategy and are eager to play a role in the brand's growth. It also could provide a sales lift for Genesis, whose sales during the first four months of 2018 fell 17.5 percent to 5,390. They'll also be hoping for a boost when the compact G70 sedan launches this summer. Related Video:

Hyundai prices Nexo FCEV crossover within dollars of Toyota Mirai sedan

CarsDirect got hold of order guides for the 2019 Hyundai Nexo, revealing the price for the base Blue trim as $59,345. That includes the $1,045 destination fee. The Limited trim adds another $3,500, for $62,845. Since the Nexo is the only crossover FCEV in the segment, two sedans represent its closest competition, only one of which can be bought at all and is on sale right now. The Toyota Mirai costs $59,285 after destination, $60 less than the Nexo. The Honda Clarity FCEV is lease-only, and Honda's site says the fastback won't arrive until mid-2019. Hyundai won't offer any options for either trim, but both trims get generous spec. The Blue version has LED headlights, 17-inch wheels, synthetic leather, heated seats, and a bundle of driver assistance tech. The Limited bumps up to 19-inch wheels, plus a hands-free liftgate, heated and ventilated front seats, a heated steering wheel, wireless phone charging, eight-speaker Krell audio, a power sunroof, and niceties like remote parking assist. A couple of months ago, Hyundai announced three dealers in California, the only state where it will be sold: Van Nuys and Tustin in Southern California by the end of the year, and San Jose in Northern California getting inventory early next year. The crossover will be eligible for the California Clean Vehicle Rebate of $5,000, and perhaps more important, the HOV sticker that allows travel in carpool lanes regardless of the number of vehicle occupants. The Nexo uses a 95-kW fuel cell to recharge a 40-kW battery. A single electric motor produces 161 horsepower and 291-pound-feet of torque, pulling the Nexo from 0-60 in 9.5 seconds. The two trims are rated for two different ranges, the Blue going up to 380 miles, the Limited getting up to 354 miles. Broken down, the Nexo Blue returns 65 mpg-e in the city and 58 mpg-e on the highway, the Limited makes slightly smaller returns of 59 city and 54 highway mpg-e. The range numbers beat the 312-mile range of the Toyota Mirai and bracket the 366-mile range of the coming Honda Clarity FCEV. Based on our first-drive review, what the Nexo lacks in gusto and driving dynamics it makes up for in interior room, a huge bonus considering the overall industry. Even so, while the price and the specs aren't out of place for the market at the moment, probably the best the Nexo can do is make a huge splash in an infinitesimal pool. And provide HOV stickers. Related Video:

Hyundai-Kia forecasts slowest sales growth in 8 years

Even with the arrival of the new Hyundai Genesis Sedan (above) and the expected introduction of at least two other new vehicles in 2014, Hyundai-Kia is estimating its sales will only increase by about 4.1 percent this year. Bloomberg has found that figure, which works out to a total of 7.86 million vehicles worldwide, to be lower than average analyst estimates of eight million vehicles. If the automaker is correct, that figure will represent the most sluggish growth for the Korean brands since 2006.
Based on an exchange rate of 1,050 won to the dollar - right now it's trading at anywhere from 1,050 to 1,052 depending on where you look - Hyundai is predicting a 3.8-percent uptick for sales of 4.9 million units, while Kia is expecting a 4.7-percent uptick for sales of 2.96 million units. That exchange rate is predicted to be part of what will hamper sales this year, with a stronger South Korean won making Japanese cars more price-competitive when cross-shopped. It's unclear how Hyundai derived its exchange rate, but 1,050 won to the dollar almost matches the 52-week high for all of 2013.
The company chairman mentioned a "low growth era" in the world economy, and weaker US sales are rumored to at least part of the reason John Krafcik recently vacated the post of Hyundai Motor America CEO, a post that has been filled by executive vice president of sales, David Zuchowski. That unexpected news capped a year in which two top execs resigned over quality issues and recalls and Hyundai agreed to settle a consolidated lawsuit over inflated fuel economy ratings for $395 million.