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Hyundai Motor shares slide following U.S. probe of airbag failures

SEOUL — Shares in Hyundai Motor tumbled on Monday on a U.S. probe into why airbags failed to deploy in some of its Sonata sedans, with investors fretting about potential recall costs for the once popular cars. The probe, which follows crashes that reportedly killed four people and left six injured, will review the 2011 Sonata sedan as well as the 2012-2013 Forte made by affiliate Kia Motors, encompassing some 425,000 vehicles. It marks the second investigation by the U.S. National Highway Traffic Safety Administration into the South Korean duo in less than one year, exacerbating headaches for Hyundai which reported in January its worst annual earnings in seven years. Hyundai has issued a recall for more than 150,000 U.S. Sonatas after incidents of non-deployment were linked to electrical overstress in the airbag control unit, but said it did not have a final fix. "What I am concerned about is that the recall will be expanded to other markets," said Ko Tae-bong, an analyst at Hi Investment & Securities. The Sonata and Forte sedans were responsible for driving sales for Hyundai and Kia in key markets in recent years, although they are no longer as popular as they once were. Ko estimated the U.S. recall could cost as much as $575 million if airbags were replaced in 425,000 vehicles under review and the automakers were found responsible for the problem. Hyundai Motor shares tumbled 4.8 percent while Kia Motors lost 3.7 percent. Parts supplier Hyundai Mobis fell 5.4 percent while the broader market was down 0.7 percent. Hyundai declined to comment on whether the recall would be expanded. Kia said it has not confirmed problems with the airbags but added it would "act promptly to conduct a safety recall, if it determines that a recall would be appropriate." The automakers told the South Korean regulator that the Sonata and Forte models sold in the domestic market were not affected, an official at South Korea's transport ministry told Reuters. The U.S. regulator said the airbag control units were built by ZF Friedrichshafen-TRW, a German auto supplier that acquired TRW Automotive in 2015, adding that it would determine if any other manufacturers used similar airbag control units and if they posed a safety risk. The NHTSA also said that electrical overstress appeared to be the root cause in the 2016 recall by Fiat Chrysler America of 1.4 million U.S. vehicles for airbag non-deployments in significant frontal crashes.

Hyundai Genesis says in the future, even car stunts will be autonomous

We talk a lot about new technologies in the auto industry. Things that will make you more comfortable or faster or more fuel efficient are, generally, easy for us to explain. Things that make us safer, though, are often a bit tougher to get a bead on. We can report on how it's supposed to function, but few of us are brave, reckless or stupid enough to purposefully put ourselves in a situation where we'd need something like Hyundai's Auto Emergency Braking.
That's why this video is so interesting. It shows off a vehicle's active safety features in the most ridiculous, easy-to-understand way possible. We won't spoil the lengths that Hyundai goes to with this squadron of cars, but you'll want to make sure you watch the whole three-minute video to see just how extreme the safety systems are on the 2015 Genesis.
Scroll down and have a look.

Hyundai Motor plans 17 EVs, $16B investment by 2030

SEOUL — South Korea's Hyundai Motor Co said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses. It also said it plans to introduce 17 EVs in that timeframe, six from Genesis and 11 from the Hyundai brand. Hyundai announced that three of those EVs would be sedans, along with six SUVs, a light commercial vehicle and one new type of model. It will begin sales of the Ioniq 6 later this year, followed by the Ioniq 7 in 2024. Hyundai Motor, which together with affiliate Kia Corp is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day. The Seoul-based automaker said it aimed to achieve an operating profit margin of 10% or higher in EV business by 2030. "Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic," Hyundai Motor Chief Executive Officer Jaehoon Chang said. Analysts, however said Hyundai's $16 billion investment in EV business would not be considered an "aggressive" approach compared to its rivals, adding, the investment is easily dwarfed by bigger rivals including Toyota Motor Corp, which plans to invest 8 trillion yen ($69.43 billion) for electrification by 2030. "Hyundai is allocating about 20% of its 95.5 trillion won investment to EV related businesses, which includes building new plants, EV charging stations and strategic alliances with battery manufacturers and the investment amount for EV does not seem too surprising or aggressive," said Eugene Investment & Securities analyst Lee Jae-il. Chang said Hyundai was considering building new dedicated EV production plants without proving details of new factories, including locations and timeline. Analysts said Hyundai would be eying on building dedicated EV factories in the United States, as it considers that as its key EV market. Shares in Hyundai Motor closed down 2.6%, compared to the benchmark KOSPI's 0.2% gain. ($1 = 1,205.2600 won) ($1 = 115.2300 yen) (Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Rashmi Aich) Related video: This content is hosted by a third party.