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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.

Hyundai bets big on crossovers sporting diesel, electric, hydrogen powertrains by 2020

Hyundai announced a very aggressive crossover strategy for the next couple of years, with a total of eight vehicles launched between now and 2020. One of those is the already revealed sub-compact Hyundai Kona. The other seven crossovers range in size and fuel types, and Miles Johnson at Hyundai confirmed to us that all of them will be coming to the U.S. The first to launch is the aforementioned Kona, coming in early 2018. Also coming early that year is an unnamed hydrogen fuel cell vehicle. This hydrogen crossover will likely be sized and styled similarly to the FE Fuel Cell Concept shown at this year's Geneva show. A previous report about the production version stated that it would have a range of about 360 miles. Later that year will be two unnamed crossovers without any indication of size. They will also be joined by an electric crossover. In 2019, Hyundai has three crossovers planned for release. Early in the year will be a diesel-powered crossover. Hyundai gives no indication of what segment it would compete in, but so far we've only seen diesels in compact crossovers such as the Chevy Equinox diesel and upcoming Mazda CX-5 diesel. Mid-year will welcome a midsize crossover, and the year will be capped off with an A-segment crossover. Johnson also confirmed that this A-segment crossover will be smaller than the Kona. It could be an outright replacement for the Hyundai Accent hatchback, which did not return to the U.S. with the new sedan. Though we don't have much information regarding the unnamed and unspecified crossovers in the plan, Johnson did confirm that some of the crossovers in this rollout will include redesigned versions of existing offerings. This may include a new Santa Fe and Santa Fe Sport, or whatever the Santa Fe Sport will become. The company has previously stated that the Santa Fe Sport will be resized and probably renamed, and the regular Santa Fe would be larger the next time around. These changes would also make room for another small to midsize crossover. Related Video: Image Credit: Hyundai Green Hyundai Crossover SUV Diesel Vehicles Economy Cars Electric Future Vehicles Hydrogen Cars hyundai kona

Hyundai Santa Fe crossover teased as sporty with new safety features

Hyundai has released a teaser image of its upcoming fourth-generation 2019 Santa Fe crossover ahead of its world premiere next month and its official unveiling at the Geneva Motor Show in March. The crossover is due for a series of what Hyundai says is industry-first active safety features. The photo suggests the CUV has undergone a considerable redesign, with a longer, swept-back roofline and elongated body, plus a lower stance, giving it a more sporty look. The headlamps appear to be slightly narrower and less angular. It'll get safety features under Hyundai's Smart Sense system like Rear Occupant Alert, which monitors the rear seats to detect passengers and can let the driver know when they are leaving the car, and its Rear Cross-Traffic Collision Warning is improved with an added automatic braking function to help drivers when backing out of narrow areas with limited visibility, such as an alley. Hyundai sold 133,171 Santa Fe crossovers, including the Sport, in 2017, an increase of about 1.5 percent over 2016, to make it the brand's second top-selling vehicle after the Elantra. The model was last updated with an exterior facelift and new technology including a standard backup camera and new safety features for the 2017 model year. Image Credit: Hyundai Geneva Motor Show Hyundai Crossover 2018 Geneva Motor Show