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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.

Porsche tops J.D. Power quality index as Korean brands soar

While complaints about infotainment systems remain a thorn in the side of automakers for J.D. Power's annual Initial Quality Study, there's a lot to celebrate this year. The average number of problems reported per 100 vehicles fell to 112 in 2015 – a three-percent improvement compared to 116 in 2014. The results of this year's survey are based on the responses of over 84,000 people about problems within the first 90 days of buying or leasing a 2015 model-year vehicle. For the third consecutive year, Porsche tops the rankings with an average of 80 problems per 100 vehicles. Although, that's slightly more than the 74 the German sportscar maker scored in 2014. "While the Japanese automakers continue to make improvements, we're seeing other brands, most notably Korean makes, really accelerating the rate of improvement," Renee Stephens, vice president of US automotive quality at J.D. Power, said in the study's release. In fact, Kia ranks as one of the biggest movers in this year's list. The Korean brand jumped to second place from seventh last year. The company had an average of 86 problems per 100 vehicles, a 20-point improvement. Third place went to Jaguar with an average of 93 problems reported, versus last year's second-place finish with 87 of them. Fourth place was Hyundai, and fifth-place Infiniti also earned a gold star for improvement with 97 issues per 100 vehicles – 31-points better than last year. Fiat still anchored the bottom of the list. However, its 161 problems this year is a lot better than the 206 in 2014. Ranked by nationality, Korean brands (Hyundai and Kia) are now leading the industry in initial quality with an average of 90 problems reported per 100 vehicles. According to J.D. Power, this is the first time Europe's figure beat Japan with 113 and 114 issues, respectively. The American brands also averaged 114. Whereas General Motors dominated last year, the segment awards are spread out in 2015. GM, Hyundai, Nissan, and Volkswagen Group are all tied with four models each earning prizes. For more information, you can also see all of the graphs, here. J.D.

2019 Hyundai Veloster N revealed with 275 horsepower

Hyundai has finally revealed the first N model to come to the U.S., the Veloster N, and it's basically the i30 N's funkier cousin. Under the hood is the very same turbocharged 2.0-liter four-cylinder cranking out 275 horsepower and 260 pound-feet of torque. That power goes to a 6-speed manual transmission that features an automatic rev-matching system for downshifts, and on to the front wheels by way of an electronic limited-slip differential. Backing up the power is a suspension that is adjustable for damping via the various drive modes on the car, which also adjust throttle response, rev-matching characteristics, steering, differential settings and the exhaust note. The Veloster N also has standard 225-mm wide high-performance summer tires on 18-inch wheels, which can be swapped for 19-inch wheels with 235-mm wide high-performance summer tires. There are two sets of brakes available, too. The standard front rotors are 13 inches and the rears are 11.8 inches, and the optional set are 13.6 inches in the front and 12.4 inches in the rear. Of course all of these performance upgrades need more visual flair, which the Veloster N proudly displays. Up front it has a more aggressive front fascia with red accents around the grille. There are vents behind the grilles that direct air toward the brakes for additional cooling. More aggressive side skirts and a faux rear diffuser with split dual-exhaust tips complete the look of the lower body, while a big wing caps it off. That big wing also has a triangular high-mount brake light just like the i30 N. The exterior can be coated in one of four colors, white, black, red, or the trademark light blue of N. The interior gets some updates, too in the way of cloth sports seats, an N steering wheel with buttons in that same blue color, and shift indicator lights appear on the instrument panel. Production of the Veloster N begins this September, and they will be available at dealers in the fourth quarter of this year. If you can't wait, though, the car will be available for download and virtual driving in Forza Motorsport 7 on January 16. Related Video: Featured Gallery 2019 Hyundai Veloster N: Detroit 2018 View 16 Photos Related Gallery 2019 Hyundai Veloster N View 25 Photos Image Credit: Live photos copyright 2018 Drew Phillips / Autoblog.com Detroit Auto Show Hyundai Hatchback Performance 2018 detroit auto show hyundai veloster n