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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.

Hyundai New Generation i20 WRC previews next year's rally weapon

With just three events left in the 2015 World Rally Championship season, Hyundai Motorsport is sitting in second place in the teams' championship behind Volkswagen Motorsport. The South Korean company is already looking forward to next season, though, when it debuts a new WRC car based on the latest i20. Those attending the Frankfurt Motor Show are getting a preview of the future rally machine in a pristine racing livery ahead of hitting the dirt. Dubbed the New Generation i20 WRC, the car replaces the current i20-based rally car. The competition-spec body sports some big, boxed fenders at the front and rear, and the double-decker wing looks great at the back. Hyundai claims that the latest version also has better aerodynamics, a more efficient powertrain, and improved weight distribution. It's still undergoing rigorous testing and debuts at the Rally Monte Carlo next year. The racer was originally supposed to be based on the latest three-door i20, but a delay caused the five-door body to become the basis for the machine. Beyond the aggressive shape, some of the most obvious visual touches on the New Generation i20 WRC are the massive N logo in the grille and smaller badges on the fenders and wheels. These are supposed to denote the rally car's connection to Hyundai's freshly launched performance sub-brand. The company claims that the lightweight materials, engine tech, tight handling, and aero bits developed for its racers could find their way to the road through these upcoming vehicles. Hyundai Motor Reveals Passion for High Performance with N Sub-brand at Frankfurt Motor Show • Hyundai Motor's high performance sub-brand N takes center stage at the 2015 Frankfurt Motor Show • A preview of the New Generation i20 WRC car is presented alongside N performance concepts • A vision of high performance technology in Hyundai vehicles is shown with two dynamic concepts – RM15 and Hyundai N 2025 Vision Gran Turismo • Hyundai N Bobsleigh 2016, developed for the Korean national bobsleigh team, is displayed at the Motor Show September 15, 2015 - Hyundai Motor, the fastest growing automaker by brand value, showcases its high performance sub-brand N at the 2015 Frankfurt International Motor Show. Built on the foundation of the company's intensive product development and motorsport experiences, Hyundai N ultimately aims to bring 'the most thrilling winding road fun' to customers who truly love cars.

Hyundai Motor shares slide following U.S. probe of airbag failures

SEOUL — Shares in Hyundai Motor tumbled on Monday on a U.S. probe into why airbags failed to deploy in some of its Sonata sedans, with investors fretting about potential recall costs for the once popular cars. The probe, which follows crashes that reportedly killed four people and left six injured, will review the 2011 Sonata sedan as well as the 2012-2013 Forte made by affiliate Kia Motors, encompassing some 425,000 vehicles. It marks the second investigation by the U.S. National Highway Traffic Safety Administration into the South Korean duo in less than one year, exacerbating headaches for Hyundai which reported in January its worst annual earnings in seven years. Hyundai has issued a recall for more than 150,000 U.S. Sonatas after incidents of non-deployment were linked to electrical overstress in the airbag control unit, but said it did not have a final fix. "What I am concerned about is that the recall will be expanded to other markets," said Ko Tae-bong, an analyst at Hi Investment & Securities. The Sonata and Forte sedans were responsible for driving sales for Hyundai and Kia in key markets in recent years, although they are no longer as popular as they once were. Ko estimated the U.S. recall could cost as much as $575 million if airbags were replaced in 425,000 vehicles under review and the automakers were found responsible for the problem. Hyundai Motor shares tumbled 4.8 percent while Kia Motors lost 3.7 percent. Parts supplier Hyundai Mobis fell 5.4 percent while the broader market was down 0.7 percent. Hyundai declined to comment on whether the recall would be expanded. Kia said it has not confirmed problems with the airbags but added it would "act promptly to conduct a safety recall, if it determines that a recall would be appropriate." The automakers told the South Korean regulator that the Sonata and Forte models sold in the domestic market were not affected, an official at South Korea's transport ministry told Reuters. The U.S. regulator said the airbag control units were built by ZF Friedrichshafen-TRW, a German auto supplier that acquired TRW Automotive in 2015, adding that it would determine if any other manufacturers used similar airbag control units and if they posed a safety risk. The NHTSA also said that electrical overstress appeared to be the root cause in the 2016 recall by Fiat Chrysler America of 1.4 million U.S. vehicles for airbag non-deployments in significant frontal crashes.