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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

Hyundai is showing a walking pod robot car for CES

Appropriate to its proximity to Area 51, CES 2019 is bringing out the sci-fi side of Hyundai. For this year's Consumer Electronics Show in Las Vegas, which has quickly become one of the most important auto shows in the world, Hyundai ideated a multi-terrain pod that uses legs attached to wheels. It's called Elevate. This is one of the first ideas we have seen from Hyundai CRADLE, the Center for Robotic-Augmented Design in Living Experiences. Formerly Hyundai Ventures, CRADLE was formed for venture capital, collaboration with startups, and concept development, with investments focusing on robotic and intelligent systems, eco-friendly technologies, mobility, materials and manufacturing technology, and concept vehicles. The Elevate incorporates numerous aspects of these goals with a concept vehicle that incorporates robotics and electric mobility. In the photo here, it is shown in potential application for search and rescue missions. Because the pod uses wheels and robotic legs together, it can cross rugged terrain and even climb obstacles. Oddly, though, we wonder why something that heavy is depicted on top of rubble where they seem to be searching for survivors. Maybe that area has already been cleared. Hyundai hasn't offered specs or details on Elevate yet. It might at full launch, but it appears the Elevate runs on battery power and is about as tall as the workers. Stay tuned for more info in the coming week. Related Video:

Hyundai to unveil hydrogen fuel cell semi truck

Small interconnected hexagons surround the lit-up badge on the nose of Hyundai's new semi-truck. Though some might see the angular lines as part of a simple grille design, Hyundai portrays it as a scientific symbol of what the truck is all about. The teaser above is the first look at the company's newest fuel cell electric vehicle. Hyundai has been experimenting with and producing fuel cell-powered products for years already. The Tuscon ( ix35 in other markets) is historic in that it's one of the only complete hydrogen vehicles to make it to market. The Nexo, which we had the chance to drive, is the company's first dedicated fuel cell platform, and a recent partnership with Audi demonstrates just how serious Hyundai is about the technology. The next step is applying it to commercial vehicles. While this is simply a teaser, the truck will officially debut at the IAA Commercial Vehicles show, which takes place from September 20 to 27 in Hanover, Germany. Hyundai held back on details, but the sketch does show the truck with numerous aerodynamic pieces, including a streamlined cabin, spokeless dish wheels, a spoiler and a "side protector" that runs alongside the truck and tucks the wheels underneath. At the event, Hyundai will announce official figures and specs on the truck. It is slated to hit the market in 2019, but as of now, it is expected to be in European markets only. Check back for updates soon. Related Video: News Source: Hyundai Green Misc. Auto Shows Hyundai Alternative Fuels Technology Emerging Technologies Truck Commercial Vehicles Electric Hydrogen Cars semi truck iaa