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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

Why BMWs are cheaper than Hyundais in Korea

Bloomberg reports shifting tariff regulations have upended the traditional automotive pecking order in Korea. Thanks to cheaper import taxes, foreign brands have seen market share jump from 28 percent to 41 percent over the last two years. BMW, Mercedes-Benz and Audi have all capitalized on the shift, with domestics like Hyundai and Kia suffering at the hands of their German rivals.
Taxes on European imports have fallen from 8 percent in 2011 to just 3.2 percent today. Over the next few years, tariffs will all but be eliminated for most imports, and taxes on US-made vehicles are expected to fall to just 4 percent in 2014. By 2016, that number will be zero. Needless to say, Hyundai and Kia are concerned about the shift.
Hyundai has seen profit fall by 15 percent last quarter, and the company says it is on pace to see the slowest sales growth since 2007. The company's shares have fallen by 12 percent. In order to stem the losses, Hyundai has discounted its midsize sedans and started working on diesel engine options.

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.