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Hyundai shoots down the rumor claiming it is done developing engines

Hyundai has clarified that the recent rumor claiming it had stopped developing gasoline- and diesel-burning engines to focus on various forms of electrifications is false. It said that development work remains on-going and that the internal combustion engine still has a future. "Hyundai Motor Group can confirm that it is not halting the development of its engines following recent media speculation. The Group is dedicated to providing a strong portfolio of powertrains to its global customers, which includes a combination of highly efficient engines and zero-emissions electric motors," said senior group manager Michael Stewart in an interview with Motor1. The report that emerged in late 2021 claimed that the Hyundai Group (which includes the Hyundai brand, Kia, and Genesis, among other entities) had completely stopped designing piston-powered engines to focus on electrification. It claimed that most of the engineers had been assigned new roles related to electrification, though it also noted that some were staying behind to continue refining the technology. If this sounds familiar, it's likely because Hyundai recently shot down a separate but similar rumor that said it had put the hydrogen-electric powertrain it planned to install in many of its cars (including some upmarket Genesis models) on hiatus. The carmaker explained that it has merely reshuffled the team that's developing the technology because unspecified technical hurdles have slowed down the project. Several electric Hyundai models are in the pipeline, including the production version of the Prophecy concept unveiled in 2020 and a relatively big SUV previewed by the 2021 Seven concept. But, its comments suggest that more gasoline-powered models are on the way as well, which is great news; its range of N-tuned high-performance models includes excellent cars and there's still room for it to grow. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.

Hyundai hearts House Hydrogen and Fuel Cell Caucus in Tucson promotion

Hyundai may be based in South Korea, but the automaker is touting hydrogen fuel-cell technology as an all-American benefit and is getting some help from the US government to do so. The company said this week that it's collaborating with the US Department of Energy and the House Hydrogen and Fuel Cell Caucus at promoting fuel-cell technology. The timing is good because Hyundai just started selling the first mass-produced fuel-cell vehicle sold/leased in the US (unless you count the Honda FCX Clarity, which we know Honda does). The goal for Hyundai and its public partners is to boost awareness of the benefits of fuel-cell technology (the full tank range is similar to a gas-powered vehicle without the tailpipe emissions). With enough awareness and resulting demand, the high cost of both building such vehicles and installing the refueling infrastructure needed to refuel them will theoretically get driven down. Or at least that's what Hyundai and future fuel-cell vehicle makers like Toyota, Mercedes-Benz and General Motors are shooting for. Hyundai started leasing its Tucson crossover fuel-cell vehicle in Southern California earlier this year. The company is charging $499 a month, in addition to a $2,999 down payment for the vehicle, and is allowing drivers to fuel up for no extra charge. Take a look at Hyundai's press release below, and then check out our Quick Spin impressions. Hyundai Collaborates With Congressional Hydrogen And Fuel Cell Caucus To Highlight Introduction Of Mass-Produced Fuel Cell Vehicles In The Retail Market Members of Congress, Department of Energy Tout Importance of Fuel Cell Technology WASHINGTON, Sept. 16, 2014 /PRNewswire/ -- Today, Hyundai collaborated with the House Hydrogen and Fuel Cell Caucus and the Department of Energy to highlight the introduction of the first mass-produced fuel cell vehicles in the U.S. retail market. In a briefing organized by the House Hydrogen and Fuel Cell Caucus, Hyundai executives, Members of Congress, and an official from the Department of Energy discussed the innovative and clean technology that powers hydrogen fuel cell vehicles and the need for additional hydrogen infrastructure in the United States. "Hyundai is thrilled to partner with leaders in Congress and the Department of Energy to promote the continued development and commercialization of these clean energy technologies," said Kathleen Hennessey, Vice President, Government Affairs for Hyundai Motor Company.