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Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.

Hyundai Azera fate in question for US

The Azera has been consistently outsold by its rivals. Through June, Hyundai has shifted just 4,191 units.
Hyundai's dealers call the Azera the "nicest car nobody knows about." That's according to Mike O'Brien, Hyundai Motor America's vice president of corporate and product planning. Indeed, the fullsize sedan is a handsome, well-rounded machine, loaded with creature comforts. Yet it's not selling well, and its space in Hyundai showrooms is about to get a whole lot more crowded thanks to the newly spruced-up 2015 Sonata. No surprise, then, that company officials admit that the model's future in the US is uncertain.

Audi and Hyundai team up to boost hydrogen fuel cell cars

Hyundai agreed a deal with Audi on Wednesday to collaborate on hydrogen car technology, hoping to boost an energy segment that has lagged behind battery electric vehicles. The South Korean firm wants to increase the sales and acceptance of hydrogen cars, which are propelled by electricity generated by fuel cells but have been held back by a lack of infrastructure and the push for battery electric vehicles by the likes of Tesla. The pair will be able to access each other's intellectual property and share components, including any new parts developed by Audi, which is responsible for hydrogen fuel cell technology in the Volkswagen Group, the world's biggest car seller. Hyundai hopes that the move will create greater demand for vehicles such as its ix35 model and bring down costs to make the technology profitable. "We want to provide to our component suppliers more chance and we want to have competition between component suppliers," Sae Hoon Kim, the head of Hyundai's R&D fuel cell group, told Reuters in an interview in London. "We also want to make them to have competition with other suppliers, and that competition will bring down the cost." Carmakers such as Toyota have touted the benefits of hydrogen vehicles, which take less time to refuel than the recharge times of battery electric cars, but are expensive and suffer from a lack of refuelling stations. Many carmakers are focusing on battery electric vehicles, which can take between half an hour and half a day to recharge, but are increasingly able to use a growing network of charging points. Auto firms are teaming up to share the cost of developing greener technologies to replace combustion engines as regulators around the world crack down on emissions. GM and Honda have a partnership to jointly develop electric vehicles with hydrogen fuel cells that are expected to go on sale in 2020, while BMW is working with Toyota. Kim said that a toughening of European Union carbon emission limits in 2025 would create a need for more hydrogen cars. Hyundai sold 200 such models last year and expects to sell thousands this year, but Kim said profitability was still far off. "100,000 or 300,000 vehicles per year per company, when that comes, I think we can make money," he said. Reporting by Costas PitasRelated Video: Image Credit: Getty Auto News Green Plants/Manufacturing Audi Hyundai Alternative Fuels Future Vehicles Hydrogen Cars