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South Korea assists auto industry struggling with coronavirus fallout

SEOUL —  South Korea said on Monday it would provide logistical and financial support to help its auto industry through the coronavirus crisis, warning of disruptions to supply chains from Europe and the United States. The government said it would speed up customs clearance, arrange freight transportation and provide liquidity support for the industry, which employs about 12% of South KoreaÂ’s workforce, according to official figures. The coronavirus pandemic has led to shutdowns at auto factories and dealerships in the United States and Europe, which are expected to affect South Korean automakers such as Hyundai and Kia. “ItÂ’s time to prepare for the shock of a global demand contraction and European supply issues,” Industry Minister Sung Yoon-mo said in a meeting with parts supplier executives and industry associations, according to a readout from the ministry. “Survival is the most crucial thing in this unprecedented crisis when both demand and supply contract at the same time.” The ministry gave no details on how much liquidity support the government would provide or what form it might take. The assistance is part of 50 trillion won ($39 billion) in emergency financing announced last week to boost the economy. South Korea has reported 8,961 coronavirus cases and 110 deaths from the disease. Hyundai Motor closed its Montgomery, Alabama, assembly plant on Wednesday after an employee there tested positive for COVID-19. It also suspended production at its plants in the Czech Republic and India due to the coronavirus outbreak. Europe and the United States account for about 70% of Korean automakersÂ’ exports, and 54% of Korean parts exports, government data showed. A trade ministry official said South Korean exports would deteriorate in April and May, after rising 10% year-on-year in the first 20 days of March. Car exports rose 13.7% in the period, customs agency data showed on Monday. “For the time being, a drop in exports of cars and auto-parts are inevitable as car factories and dealerships are closing,” Sung said. South Korean automakers had stocked up on inventories which could last up to two months, Sung said. Related Video: Earnings/Financials Government/Legal Plants/Manufacturing Hyundai Kia coronavirus

Recharge Wrap-up: Peugeot eF01 folding e-bike, Australia orders Hyundai FCEVs

Australia has ordered 20 hydrogen powered vehicles from Hyundai. The Australian Capital Territory Government in Canberra will take delivery of the fleet of Hyundai's next-generation fuel cell vehicles (set to replace the Tucson Fuel Cell in 2018) for its Renewable Transport Fuels Test Berth project. As part of the program, the vehicles will be powered by hydrogen made with a Siemens Silyzer System with electricity from Hornsdale Wind Farm in South Australia. The Siemens refueler is capable of powering over 1, 000 fuel cell vehicles each averaging 14,000 miles per year. Read more from Hyundai. Peugeot has unveiled its eF01 electrically assisted folding bike. Meant to facilitate multimodal travel, Peugeot's eF01 folds up quickly to be thrown in the trunk of a car, carried on public transport, or wheeled in its folded position while walking. It's a little hefty, at 37 pounds, but its compactness helps make up for that. It can be charged in the cargo area of any vehicle with a 12-volt outlet, so it's ready to provide 18 miles of electric assistance at speeds of up to 12 mph. It can also communicate with a smartphone via Bluetooth to show current charge and range. Read more from Peugeot. A123 Systems will collaborate with Argonne National Laboratory to create safe, better performing lithium-ion batteries. The partners will focus on cathode technology in order to increase energy density and durability in order to improve the driving range of electric vehicles. A123 expects to increase energy density and range by more than 60 percent over its current offerings. "Working with Argonne will further advance our already strong presence in plug-in vehicles and support the increasing market demand globally," says A123 Systems CEO Jason Forcier. "We look forward to expanding our customer base as we offer increasingly greater range to our plug-in vehicle programs without compromising on the life and safety performance that the market has come to expect from A123." Read more in A123's press release. Featured Gallery Peugeot eF01 Folding E-Bike Related Gallery 2015 Hyundai Tucson Fuel Cell: LA 2013 View 19 Photos News Source: Hyundai, Peugeot, A123 Systems Green Hyundai Peugeot Alternative Fuels Bikes Electric Hydrogen Cars recharge wrapup

2019 Hyundai Veloster N First Drive Review | Naughty and Nice

NuRBURGRING, Germany — The N in the 2019 Hyundai Veloster N's name supposedly represents Hyundai's R&D base back in Namyang. For the excuse to visit Germany I'm glad N also stands for Nurburgring, the track on which it was honed and symbolic of the car enthusiast culture it wants a piece of. Because here in the Eifel mountains it feels like a permanent party for gearheads. The parking lot where you access the Nordschleife for the legendary "tourist laps" is buzzing with cars from every corner of Europe. The air around the track is thick with barbecue smoke, hot brakes and adrenaline, high-performance engines echoing across the rolling landscape long after the track has shut down for the day. It's a heady atmosphere, and exactly the spirit Hyundai wants to capture for an American audience in the Veloster N. The man tasked with doing that is Albert Biermann, recruited from an equivalent job at BMW M for his instinctive understanding of what enthusiast drivers want. Proof of that is evident in the number of M2s and M3s you see pounding the Nordschleife tourist sessions. Hyundai is clearly hoping he can channel that expertise into its own products. He makes the right noises about the brand's home being in Korea, but on a sunny evening in the German countryside with a pilsner in hand, it's clear this is his comfort zone and N most definitely stands for Nurburgring. Next day we're out on the track itself, the exit from the pit lane so abrupt I've barely selected second gear before filtering out onto the Nordschleife. I've bagged first place in the train of cars behind an instructor in an i30 N, the Elantra GT relative that launched the performance brand to the European market last year to critical acclaim. And I'm determined to make him work for his lunch. They might have a different look and distinct chassis tuning, but the i30 N and its Veloster cousin are pretty much interchangeable in terms of hardware. Like all N products, the Veloster N will be manual-transmission only for the near future, partly out of deference to enthusiasts and partly out of lack of a suitable in-house gearbox. And they have the same 2.0-liter twin-scroll turbocharged engine driving the front wheels with 275 horsepower and 260 pound-feet of torque. That's a big jump from the 201-hp, 1.6-liter Veloster Turbo Ultimate and puts it square between the Golf GTI and all-wheel-drive R, which is no accident given Volkswagen's performance products are the benchmark Hyundai needs to exceed.