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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 keeps building mid-engine Velosters for some reason

Hyundai returned to the Busan Motor Show in South Korea this past weekend with the RM16 concept, a mid-engined prototype that takes the Veloster into even more radical territory. If the idea sounds familiar to you, that's because this is the concept's third iteration. Sadly, it doesn't seem any closer to reaching production. The project was first presented at the same show two years ago as the Veloster RM, packing a 2.0-liter turbo four behind the two-seat cockpit. The concept resurfaced last year in Seoul as the RM15 with even more extreme bodywork. And now it's back again. The engine stays right where it was, helping give the test bed 43/57 front-rear weight distribution. This time, however, the conventional turbocharger is replaced by an electric compressor, similar to the ones you might find in the Audi SQ7 TDI or Bugatti Chiron, and there's an electronic differential to channel its 296 horsepower to the road. The RM16 uses a six-speed manual transmission. The RM16 also features a new front end to put a fresh face on the carbon-fiber bodywork, an active rear wing, and an electronically variable exhaust. All of which is well and fine, but while the prototype is supposed to inform the forthcoming N-badged performance models, we wouldn't hold our collective breath waiting for a mid-engined hot hatch like this in Hyundai showrooms. Related Video: Hyundai Motor Demonstrates its Passion for High-Performance at the 2016 Busan International Motor Show • Hyundai Motor builds anticipation of high-performance 'N' models with RM16 concept • RM16 hints at future Hyundai 'N' model characteristics June 2, 2016 - Hyundai Motor today reinforced its high-performance aspirations with the world premiere of RM16, its latest 'N' model concept, at the 2016 Busan International Motor Show in South Korea. Hyundai Motor's performance-focused exhibits, which included the Hyundai N 2025 Vision Gran Turismo, hint at future N model characteristics. Hyundai Motor's high performance sub-brand 'N' was launched in September 2015, demonstrating the company's commitment to manufacture responsive, intuitive performance vehicles that bring 'Fun to Drive' to a broad range of customers.

Hyundai's 2015 Genesis Super Bowl commercial is Dad-approved

Super Bowl commercials allow advertising and marketing execs the opportunity to let their hair down, have a bit of fun and get silly. That's why Audi's ad features a mutant, CGI-animated dog, GoDaddy's spot features a beefcake Danica Patrick and Kia has recruited Laurence Fishburne as Morpheus, from the Matrix films. Hyundai, meanwhile, didn't seem to get the memo.
It's not that its spot is bad, but it does feel a bit boring, playing a lot like Hyundai's non-Super Bowl advertisements - in other words, not something we're going to be talking about next Monday around the water cooler. Called Dad's Sixth Sense, the 30-second clip shows off the 2015 Genesis Sedan and its auto emergency braking system, after showing dad's saving their kids from what we imagine would be fairly painful, and in some cases horrific, accidents (tackling a hot barbecue, anyone?).
We've got the full spot down below. Keep your eye out for it on Super Bowl Sunday.