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Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

2017 Hyundai Ioniq takes three-pronged approach to electrification

The Geneva Motor Show may be dominated by super/hypercars, but there is some more sensible metal on display. And one of the most reasonable cars might be the trifecta of Hyundai Ioniq models. This three-prong approach to electrification is a very aggressive move for Hyundai. A hybrid wouldn't be a big deal. Nor would a plug-in-electric model. But launching both of those vehicles alongside a pure EV is a very bold decision. In fact, if the full Ioniq range were to launch in the United States – which still isn't a certainty – Hyundai would be one of the only brands to offer all three branches of electrification in the same showroom. The hybrid model outguns the 121-system-horsepower Toyota Prius. Thanks to its 1.6-liter Kappa four-cylinder, 43-hp electric motor, and 1.56-kWh battery pack, there's a total of 139 hp and up to 195 pound-feet of torque. The plug-in model makes some changes to that formula, significantly increasing the size of the battery pack to a larger 8.9 kWh and increasing the power of the electric motor to an even 60 hp. Hyundai hasn't said if system output has been changed, but we do know the PHV will cover 31 miles on pure electricity. View 14 Photos As we covered in our original post, the EV Ioniq is something of an unknown quantity. Hyundai's lips loosened slightly in Geneva, though, revealing that the electric motor will produce up to 218 lb-ft of torque. That's in addition to 118 horsepower and an estimated range of 155 miles. And not that EV drivers are known speed demons, but Hyundai claims its newest EV will hit 103 miles per hour. This estimated range and torque output best America's two most notable EVs, the Ford Focus Electric and Nissan Leaf, although it's fair to point out that this duo is relatively long in the tooth. While it seems plausible that Hyundai will at least offer part of the Ioniq range in America, at this point it's just too early to be certain of anything.

Porsche tops J.D. Power quality index as Korean brands soar

While complaints about infotainment systems remain a thorn in the side of automakers for J.D. Power's annual Initial Quality Study, there's a lot to celebrate this year. The average number of problems reported per 100 vehicles fell to 112 in 2015 – a three-percent improvement compared to 116 in 2014. The results of this year's survey are based on the responses of over 84,000 people about problems within the first 90 days of buying or leasing a 2015 model-year vehicle. For the third consecutive year, Porsche tops the rankings with an average of 80 problems per 100 vehicles. Although, that's slightly more than the 74 the German sportscar maker scored in 2014. "While the Japanese automakers continue to make improvements, we're seeing other brands, most notably Korean makes, really accelerating the rate of improvement," Renee Stephens, vice president of US automotive quality at J.D. Power, said in the study's release. In fact, Kia ranks as one of the biggest movers in this year's list. The Korean brand jumped to second place from seventh last year. The company had an average of 86 problems per 100 vehicles, a 20-point improvement. Third place went to Jaguar with an average of 93 problems reported, versus last year's second-place finish with 87 of them. Fourth place was Hyundai, and fifth-place Infiniti also earned a gold star for improvement with 97 issues per 100 vehicles – 31-points better than last year. Fiat still anchored the bottom of the list. However, its 161 problems this year is a lot better than the 206 in 2014. Ranked by nationality, Korean brands (Hyundai and Kia) are now leading the industry in initial quality with an average of 90 problems reported per 100 vehicles. According to J.D. Power, this is the first time Europe's figure beat Japan with 113 and 114 issues, respectively. The American brands also averaged 114. Whereas General Motors dominated last year, the segment awards are spread out in 2015. GM, Hyundai, Nissan, and Volkswagen Group are all tied with four models each earning prizes. For more information, you can also see all of the graphs, here. J.D.