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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.

Meet Hyundai's new flagship, the Genesis G90

Hyundai just revealed the first vehicle for its new Genesis luxury brand. It'll be called the EQ900 back home in Korea, but to the rest of us, it will be known as the Genesis G90, effectively replacing the Hyundai Equus. The G90 is as big as a Mercedes S-Class, but like the outgoing Equus, will be priced closer to the E-Class. Exterior dimensions are incrementally larger than the outgoing Equus, and compare roughly to the Mercedes S-Class (in the long-wheelbase form we get in America). But if Hyundai keeps pricing in line with the Equus we currently know, the G90 will be priced closer to the smaller E-Class. Design was carried out under the watchful eye of Peter Schreyer at the company's new Prestige Design Division, headlining a new Athletic Elegance design language that will expand to the five new Genesis-branded models coming after the G90. The front end is characterized by a Crest-shaped grille with the Genesis brand's new winged emblem (also projected onto the pavement from the side mirrors), and flanked by LED headlamps. A chrome beltline bridges to the rear with its dual exhaust tips. While the interior of the Equus may not have been up to par with the competition, the G90's cabin looks poised to rival the best of them. Italian leather offsets real wood trim. The ergonomic seats are certified by German back specialists, with 22-way power adjustment for the driver and 14 ways for the other occupants. In Korea the EQ900 even features a Smart Posture Caring system that positions the seat, steering wheel, head-up display, and outside mirrors to the driver's optimal position. There's a 12.3-inch high-definition screen in the dashboard, a megapixel parking camera, 360-degree around-view monitor, Lexicon surround sound system, and wireless inductive phone charging – all of which adds up to what looks like a sumptuous environment in which to pass the miles. While the Equus is powered exclusively by a V8, the G90 offers three engine options. While the Equus is powered exclusively by a V8, the G90 offers three engine options: Least potent is the new 3.8-liter V6 launched in the Kia K900, rated at 311 horsepower. There's a 3.3-liter turbocharged V6 good for 365 hp. And the 5.0-liter V8 carries over at 419 hp (though the current version is quoted at 429 hp), propelling the sedan to 62 miles per hour in 5.7 seconds. Power in any case is transmitted through an eight-speed automatic transmission to either the rear wheels or all four.

Hyundai Sonata PHEV will go 27 miles on electric power

The Hyundai Sonata Plug-in Hybrid will have an all-electric range of 27 miles. That will make it the second-highest among US plug-in hybrids, after the Chevrolet Volt. The Volt is technically an extended-range plug-in, according to Chevy, but we feel fine comparing the two here. Either way, the Hyundai beats out the 19-mile all-electric range of Ford's two plug-in hybrids and the paltry 11 miles of the Prius Plug In. The good news is that the Sonata's numbers are a bit better than previously expected. The plug-in hybrid was forecast to be able to go 24 miles on electricity alone. The Sonata PHEV also delivers 202 but, though, as well all know, range drops precipitously if you're shooting to use all of them horses at once. The seventh-generation Sonata body style is also sleeker and delivers better aerodynamics. No word on how much the PHEV will cost yet, but it will go on sale in the US this fall. And while the Sonata PHEV will technically available for Hyundai dealers to stock in all 50 states, if you live outside of California or the nine states that follow its zero-emissions vehicles rules, you will need to special order the vehicle. Based on the US Department of Energy's Fueleconomy.gov site, the Sonata PHEV's miles-per-gallon-equivalent rating of 99 beats out that of the Ford Fusion Energi and C-Max PHEVs but trails the Chevrolet Volt's. Again, the Sonata came in with better numbers than we previously thought, as it was expected to have a 93 MPGe rating. You can read our First Drive of the Sonata Plug-in Hybrid here. Related Video: Featured Gallery 2016 Hyundai Sonata Plug-In Hybrid: First Drive View 20 Photos News Source: US Department of Energy via Hybrid CarsImage Credit: Copyright 2015 Sebastian Blanco/AOL Green Hyundai Hybrid PHEV mpge ev range hyundai sonata plug-in hybrid sonata plug-in hybrid