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Hyundai to buy electric vehicle batteries from SK Innovation, according to report

SEOUL — Hyundai Motor and affiliate Kia Motors have decided to secure electric vehicle batteries from SK Innovation for the next four to five years, Maeil Business Newspaper said on Friday, citing industry sources. The sources said the deal was worth more than 10 trillion won ($8.6 billion). SK Innovation, Hyundai Motor and Kia declined to comment. Hyundai Motor said in October it would launch 16 EV models by 2025, aiming to boost EV sales 560,000 by then, a level that would be equivalent to more than 10% of its projected global sales this year. Reporting by Hyunjoo Jin. Related Video:    

Hyundai boosted production in March, so now its cars sit in U.S. ports

SEOUL — As Detroit's automakers shut production in March due to the coronavirus pandemic, South Korea's Hyundai cranked up its factories back home to ship cars to the United States, a move that is proving costly for the world's fifth-largest auto group. Hyundai ramped up domestic production to as much as 98% of capacity by late March, not only as the Korean market was recovering from a bad February but also because it bet on demand for Tucson SUVs and other models from U.S. customers, its biggest overseas market outside of China. While Hyundai is one of few global automakers whose production has recovered at home, its exports optimism has been dampened by the severity of the U.S. outbreak, weak consumer sentiment and as rivals have quickly moved to guard their turf. Consignments of cars shipped from South Korea are now sitting in U.S. ports, with dealers slow to take deliveries because of slumping sales and rising inventory, four people with knowledge of the matter told Reuters. The company idled a Tucson production line at home last week for five days, while sister firm Kia is looking to suspend three Korean plants for a week. And analysts now expect a sharp drop in first-quarter operating profit when it reports results on Thursday and some even forecast a second-quarter loss. "I hope that the situation will recover by the middle of next month. If not, we might have to lay off some people," said Brad Cannon, general manager of an exclusive Hyundai dealership in California, whose sales are down more than 50% from when the pandemic started. Hyundai runs a factory in Alabama — which is closed until May 1 — but imports are key to meet U.S. demand. Only about half of its vehicles sold in the United States are made in North America compared to between 68% and 85% for Japanese rivals Toyota, Nissan and Honda, who have also suspended production there till May. The South Korean company makes about 61% of its cars overseas, up from 48% a decade ago. That leaves it vulnerable to overseas factory shutdowns and shrinking demand outside of its home market. Hyundai's South Korean factory operation, which had recovered from a component shortage from China to nearly 100% capacity by March, could fall to as much as 70% in April, the company recently told analysts. "We will continue to monitor the situation and take appropriate action promptly," Hyundai said in an emailed statement. Minimizing the impact For its part, Hyundai has taken measures to minimize the impact.

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.