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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.

Redesigned 2018 Hyundai Sonata Hybrid and PHEV revealed in Chicago

The refreshed 2018 Hyundai Sonata Hybrid and PHEV have been revealed at the 2018 Chicago Auto Show. While the updates are subtle, it's enough to breathe a little life into an underappreciated member of the Sonata clan. Like the rest of that clan, the fascias front and back have been redesigned. The grille in particular looks considerably more shapely and modern than the outgoing 2016 model's rather plain, Audi-aping unit. The fog light recesses are much more aggressive, better complimenting the headlights, which are new LED units. New wheel designs top off the exterior changes. It's all fairly handsome in toto. Inside, there's a new steering wheel, and behind that a revised instrument cluster. The infotainment system is upgraded with new nav overhead perspective features, and there's a Qi charging pad if you option the nav as well. Safety is a big part of this refresh: blind-spot warning, rear cross-traffic alert, and lane change assist are now standard. Automatic emergency braking and lane keep assist are also new options for these two cars. The gasoline-electric powertrains are unchanged. The Hybrid's 193-horsepower-combined electric and gas motor output remains the same. That includes a 2.0-liter gas engine, a 38-kW electric motor mounted in the transmission, and a 1.76-kWh battery pack in the trunk. The PHEV gets a bigger 9.8-kWh battery for up to 27 miles of electric range. With the larger 50-kW motor, the PHEV combined horsepower rating swells to 202. Like every other 2018 Sonata, however, the suspension and steering have been revised. The front roll bar has been stiffened, the steering assistance has been recalibrated, and the rear trailing arms have been fitted with new bushings. As we discovered in our 2018 Hyundai Sonata Sport quick spin review, these changes make a surprisingly significant difference in the way this midsize sedan drives. One would assume the improvements to the hybrid models' vehicle dynamics would be comparable. The PHEV will only be sent to dealers in certain states: California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island and Vermont. If you want a PHEV in another state, your dealer can order one – so technically it's available in all 50 states, if you're patient. Hybrids are available now-ish, and PHEVs will be available in the second quarter of this year. Related Video:

Driving a 1988 BMW M5 and the 2022 Volvo C40 Recharge | Autoblog Podcast #722

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. Some cars old and new here, with reviews of the 1988 BMW M5, 2022 Volvo C40 Recharge and 2021 Hyundai Palisade. In the news, Maserati revealed the 2023 Grecale SUV with a 523-hp twin-turbo V6. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #722 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 1988 BMW M5 2022 Volvo C40 Recharge Long-term 2021 Hyundai Palisade 2023 Maserati Grecale revealed Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Volvo introduces 2022 C40 Recharge crossover