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Hyundai Motor plans 17 EVs, $16B investment by 2030

SEOUL — South Korea's Hyundai Motor Co said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses. It also said it plans to introduce 17 EVs in that timeframe, six from Genesis and 11 from the Hyundai brand. Hyundai announced that three of those EVs would be sedans, along with six SUVs, a light commercial vehicle and one new type of model. It will begin sales of the Ioniq 6 later this year, followed by the Ioniq 7 in 2024. Hyundai Motor, which together with affiliate Kia Corp is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day. The Seoul-based automaker said it aimed to achieve an operating profit margin of 10% or higher in EV business by 2030. "Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic," Hyundai Motor Chief Executive Officer Jaehoon Chang said. Analysts, however said Hyundai's $16 billion investment in EV business would not be considered an "aggressive" approach compared to its rivals, adding, the investment is easily dwarfed by bigger rivals including Toyota Motor Corp, which plans to invest 8 trillion yen ($69.43 billion) for electrification by 2030. "Hyundai is allocating about 20% of its 95.5 trillion won investment to EV related businesses, which includes building new plants, EV charging stations and strategic alliances with battery manufacturers and the investment amount for EV does not seem too surprising or aggressive," said Eugene Investment & Securities analyst Lee Jae-il. Chang said Hyundai was considering building new dedicated EV production plants without proving details of new factories, including locations and timeline. Analysts said Hyundai would be eying on building dedicated EV factories in the United States, as it considers that as its key EV market. Shares in Hyundai Motor closed down 2.6%, compared to the benchmark KOSPI's 0.2% gain. ($1 = 1,205.2600 won) ($1 = 115.2300 yen) (Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Rashmi Aich) Related video: This content is hosted by a third party.

Hyundai sets land speed record with fuel-cell Tuscon

The Hyundai Tucson Fuel Cell certainly isn't a hydrogen-powered speed demon like the Buckeye Bullet, but the South Korean company's H2-fueled crossover is fast enough to hold its own land speed record. How many SUVs can claim that? Not too many, but that's because there simply aren't many hydrogen-powered vehicles around, let alone SUVs. Hyundai recently took a 2016 Tucson Fuel Cell to the Soggy Dry Lake Bed in California, and the efficient model claimed a new land speed record for a production hydrogen-powered SUV. Set to the always stirring Ride of the Valkyries, the automaker's video shows the Tucson whispering through the desert while leaving only a cloud of dust and drips of water behind. Rather than spoiling it, you need to watch the clip to find out just how fast the fuel cell-powered Tuscon can go. The Tucson uses its fuel cell stack to power to spin the front wheels with an electric motor that makes 134 horsepower and 221 pound-feet of torque. They are currently available to lease in Southern California, and the company delivered about 70 of them in the first year.

New Genesis G80 costs $2,650 more than its predecessor

If you're in the market for a Hyundai Genesis, you'd best act fast. The Korean company's new luxury sub-brand, Genesis, just announced pricing for the rebadged G80, kicking the starting figure up across the board while adding a suite of desirable safety and tech features. The base model, with a 3.8-liter V6 and rear-wheel drive, starts at $41,400. All-wheel drive adds $2,500 to that figure, while both V6 models add $2,650 to the price of a Hyundai-badged Genesis sedan. Hyundai justifies the increase with a slew of now-standard equipment from the current car's discontinued Tech Package, including automatic emergency braking, blind-spot monitoring with cross-traffic alert, lane keeping assist, lane departure warning, high-beam assist, and adaptive cruise control. Considering the Tech Package tallied $3,500, this is a net win. You can improve your six-cylinder G80 with a pair of packages. A $4,750 Premium Package adds fog lights, a panoramic sunroof, a 14-speaker Lexicon stereo, a seven-inch color instrument display, vented front seats, and a power sunscreen for the rear window. Genesis essentially carried over the current $3,500 Ultimate Package, which now costs $4,200. It includes matte wood, full-color HUD, 9.2-inch touchscreen infotainment, a 17-speaker Lexicon stereo, and a power trunk lid, along with an upgraded power driver's seat, which used to be part of the Tech Pack. If you're hankering for the V8 model – no longer listed on the Hyundai USA consumer page – you're looking at a $650 bump, from $53,850 to $54,550. There are no option packs for the V8, so all you need to do is pick a color and drive away. Not surprisingly, the G80 undercuts its rivals by a few dollars. BMW will happily sell you a base 5 Series for $51,195. Mercedes offers an E-Class, the E300, at $53,075. Audi and Lexus are slightly more down to earth – an Audi A6 is $47,125 while a base GS is $46,595. So, going with the V6 G80 against its all-four-cylinder-turbo competition will save you, on average, around $8,100. That makes the $8,950 in option packs look awfully attractive. The difference between the G80 V8 and its rivals is smaller, but still significantly stacked in Genesis' favor, mainly because only BMW still offers a V8 in this segment – it's $67,295 ($12,745 more than a base G80 V8). Pricing on the US market 2017 E-Class is only available for the 2.0-liter, turbocharged E300, while neither Lexus nor Audi sell a V8 outside their respective high-performance brands.