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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.

Best cheap SUVs: You don't have to pay a lot to get a lot

Here's a news flash: Everything is a lot more expensive now! And that definitely goes for new SUVs, with prices that keep nudging higher and higher. Actually "nudging" might be too soft of a description for their motion. "Skyrocketing" is probably more accurate.  While higher prices and hefty interest rates have likely knocked a lot of people out of the new car market entirely, there are still quite a few cheap SUV choices. Better still, they're not terrible! Far from it, in fact. While the lowest price SUVs used to be drab, sorry affairs best left to the lots of Avis and Budget, that is definitely not the case today. Not only are there legitimately appealing cheap SUV choices, they offer genuine differences in character, capability and design. It's not just a series of anonymous boxes with different badges. Below you won't just find a simple list of the cheapest SUVs available. We are actually pointing out the best ones. They are listed from least expensive to most expensive, with none exceeding a starting price of $30,000. Most are subcompacts, but a few of our top choices in the compact SUV segment snuck on. Finally, please excuse the crummy photo quality. We sought out representative trim levels of the prices in question rather than just reusing pretty carmaker-provided photos of the most expensive trim levels. This is what the cars will actually look like. Kia Soul Why it stands out: Ample space and abundant features for the money; unique style; strong turbo engine upgrade Could be better: All-wheel drive is not available Starting Price: $21,315 Read our most recent Kia Soul Review The Kia Soul definitely didn't start off as a small SUV, and the term "crossover" is probably better applied to it. Still, what started life as an undefinable funky tall hatchback now finds itself in its third generation with numerous vehicles of similar shape and size that are dubbed "small SUV" or "small crossover." If it walks like a duck and quacks like a duck ... Call it what you will, but the Soul delivers the goods with tons of equipment and space for its price and size, an agreeable driving demeanor, and an even more powerful engine upgrade than the Kona's. We also think it's pretty cool. All of the above helped it win our subcompact SUV comparison test. Now, if there's one area where the Soul does not satisfy a typical SUV requirement, it's the lack of available all-wheel drive.

Hyundai Veloster N spied hard at work at the Nurburgring

The first vehicle from Hyundai's N performance division, the i30 hatchback, is coming later this year. Sadly, that handsome little five door isn't bound for the US. While the Korean automaker won't confirm what will be coming to America in 2018, we're almost positive that the first model will be the next-gen Veloster. The car is well into development, and we now have some new photos of a shakedown at the Nurburgring. Pure facts are scarce, but based on what we know about the i30 we can make some educated guesses about the Veloster. The car will be powered by a 2.0-liter turbocharged inline-four making either about 250 horsepower or 280 with an optional performance pack. Power will be sent to the front wheels through a six-speed manual, though Hyundai hasn't ruled out a dual-clutch transmission for the future. Look for big wheels with sticky summer rubber to surround beefy Brembo brakes. Although every Veloster we've seen both in photos and in person has been covered with a decent amount of camouflage, we can see the car's basic outline. The car will still feature an asymmetrical door layout, with one on the driver's side and two on the passenger side. The large grille is now shaped like the corporate cascading grille. It's styled like a flat-bottomed version of Superman's "S" logo. While the standard and Turbo models will feature center-exit exhaust tips, the Veloster N pushes the exhaust to the corners of the bumper. Pricing and performance numbers haven't been revealed, but Hyundai is gunning straight for the Volkswagen GTI. In typical Hyundai fashion, it's likely to undercut the competition by a hair or two. Look for prices in the mid $20,000s when the Veloster N arrives next year. Expect a full reveal sometime this fall. Related Video: Featured Gallery 2018 Hyundai Veloster N spy shots Image Credit: Spied Bilde Design/Style Spy Photos Hyundai Hatchback Performance hyundai veloster turbo Hyundai N hyundai veloster n