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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.

U.S. Senate panel wants Hyundai, Kia to testify about engine fires

WASHINGTON — The Senate Commerce Committee's Republican chairman and ranking Democrat said on Wednesday they had asked top U.S. executives at Hyundai and Kia to testify at a Nov. 14 hearing on reports of engine fires involving vehicles from the Korean automakers. The call to testify comes after safety advocates raised concerns about fires in vehicles not involved in collisions. The nonprofit consumer advocacy group Center for Auto Safety said last week that 103 fire complaints had been filed with U.S. safety regulators since June 12 and urged an immediate recall of nearly 3 million vehicles. Hyundai said in a statement it had received the request to appear "and is currently reviewing it." The company added it "actively monitors and evaluates potential safety concerns, including non-collision fires, with all of its vehicles and acts swiftly to recall any vehicles with safety-related defects." Kia did not comment. Shares of Hyundai Motor fell as much as 3.8 percent in Seoul trading on Thursday. Kia Motors stock also slid 3.7 percent, while the wider market was down 0.6 percent as of 0232 GMT. In May 2017, the National Highway Traffic Safety Administration (NHTSA), an agency of the U.S. Department of Transportation, opened a formal investigation into the recall of nearly 1.7 million Hyundai and Kia vehicles over engine defects. A South Korean whistleblower in 2016 reported concerns to NHTSA, which has been probing the timeliness of three recalls carried out in the United States and whether they covered enough vehicles. Sen. Bill Nelson, the top Democrat on the Commerce Committee, said a non-collision fire death had been reported last year in a 2014 Kia Soul. "We've got to get to the bottom of what's causing these fires," Nelson said in a statement Wednesday. "Car owners need to know if their vehicles are safe." The letter to the automakers, also signed by Sen. John Thune, who chairs the committee, said the hearing will also "examine efforts to mitigate vehicle fires and promptly identify and respond to defects that may pose a fire risk" and invites the chief executives of Hyundai and Kia's U.S. units to testify or their designee. In 2015, Hyundai recalled 470,000 U.S. Sonata sedans, saying engine failure would result in a vehicle stall, increasing the risk of a crash. At that time, affiliate Kia did not recall its vehicles, which share the same "Theta II" engines. In March 2017, Hyundai expanded its original U.S.

Nine things we learned driving the 2017 Hyundai Elantra [w/video]

You know how there are pretty much no bad cars anymore? Manufacturers have switched their efforts from eradicating badness to improving on good things. If the last Elantra had any real issues, it rode kind of poorly and had a so-so interior. This 2017 model fixes that while quietly improving on just about everything else too. Not a lot of it is noticeable on its own, but it adds up to a better car. Read our full First Drive for the usual impressions, or if you prefer, take them in via this new format we're trying out. Cutting right to the chase, here are nine things we learned from our time in the 2017 Hyundai Elantra. It looks like three or four other cars, but that's a good thing. The old model of derivative styling took a few well-known designs as inputs and spat out a bland object reminiscent of nothing and everything at once. Because there are no new ideas, and since recycling is a thing, designers have thankfully moved on to picking and choosing the pieces that work best and knitting them together into a cohesive design. On this Elantra, that means some Dodge Dart (RIP) in the hood and front fenders, a bit of Jaguar in the headlights, and hints of Mazda in the way the front end comes together. The result is handsomely inoffensive – less character than the last Elantra, maybe, but it all works. And the interior is a big step up in terms of materials, layout, and design. Have a look at our 360-degree VR overview below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. It will talk to your phone. Every Elantra but the basiest base car comes with a touchscreen head unit. On models with the Popular Equipment Package, that's a seven-inch head unit with normal radio functions plus Apple CarPlay and Android Auto functionality. The Limited with Tech Package swaps that out for an eight-inch display with nav and the same smartphone projection powers. The ride is better than the last Elantra's. The front and rear suspensions have both been tweaked for the 2017 model, and the car is supposed to be much more rigid. It's most noticeable over big bumps; the car doesn't shudder like it used to and the suspension manages body movement well in almost all situations. There's still some body roll, but the front seats have surprisingly large bolsters that keep you in place. The steering is as numb as most other electric systems, although it does feel less artificial than on previous Hyundais.