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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.

2018 Hyundai Kona First Drive Review | Serving style, price, and utility, in that order

Utility is an interesting word. As it applies to cars and trucks, it's a nebulous term — but this vague concept is the main reason for buying one rather than a coupe or sedan. Both truck-based SUVs and car-based CUVs claim a modicum of it. And so-called utility vehicles come in all shapes and sizes. The Hyundai Tucson could be considered a small crossover, but when you park the brand-new 2018 Hyundai Kona next to it, you'll see that the new kid is a full foot shorter than its older sibling. Crucially, though, for right about the same asking price, the Kona boasts a little more cargo space but slightly less rear-seat legroom than a Hyundai Elantra. That means a buyer could conceivably compare and contrast the subcompact Kona crossover with the compact Elantra sedan, and decide which shape better suits their needs. View 48 Photos More likely, however, a prospective buyer is going to know before even stepping foot into a dealership that they are interested in the Kona, not the Elantra, because they want the appearance of rugged capability (more than actual rugged capability). Buyers in this category rank design and style as more important than driving manners or fuel efficiency. Utility vehicles are perceived as stylish and trendy, so let's talk style. Design is critical in this segment, and that means boringness is a death sentence. The Kona certainly isn't boring, but it's also a little over the top, especially in the model's trademark Lime Twist bright green hue. Bright colors accentuates the various textures and finishes of the Kona's helmet-like front fascia. Having a vehicle that stands out from the crowd is a good thing, but we like the Kona better in darker colors. Split lighting units front and rear give the Kona a distinctive appearance, especially after the sun goes down with the lights turned on. Jeep introduced the split light look on the Cherokee several years ago, controversially – and subsequently the Cherokee has returned to conventional headlights. Despite Jeep's backtracking, the design works better for the Kona thanks to more compact proportions. It's also a new vehicle without the baggage and overwrought expectations of Jeep's adoring fanbase. The Kona is strongest in profile. The car's designers say the meandering cut lines that start over the front wheel arches, stutter and restart across the doors, and merge in the rear quarter panels over the blocky plastic moldings, are inspired by the flowing and unpredictable lines of lava.

Hyundai Genesis Coupe spotted with rumors of a V8 underhood

Our spy shooters have captured a Hyundai Genesis Coupe mule testing in Sweden. This is merely the current body cut-and-pasted to fit new internals, so don't be disappointed by its looks; we're looking forward to inspiration from the HCD-9 and perhaps grand touring inclinations on the production car whenever it appears. The photographers said they noticed the hood's been modified, perhaps to clear the 5.0-liter V8 from the Genesis sedan. That engine would be part of the plan to push further upscale said to be planned for the Genesis Coupe, along with the fender arch cutouts on this mule that push the wheels to the corners for a longer wheelbase that will make more room for passengers. Rumor has been that the next car will do a much better job of swallowing four adults. The company's HTRAC all-wheel drive is expected to be an option, Hyundai having said five years ago that the feature is being engineered into the Genesis family platform. A reveal probably won't come until sometime in 2016.