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Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

2016 Hyundai Tucson First Drive [w/video]

For most of us, September 2009 doesn't seem like that long ago. We had the same president, carried Apple iPhones, and were even paying roughly the same amount for a gallon of gas. For Hyundai, though, this particular month was when everything began to change, thanks to the introduction of "fluidic sculpture" and the second-generation Tucson. The swoopy, handsome styling introduced on the Tucson infiltrated the rest of the brand's offerings, starting with the Sonata sedan and filtering through. In the process, Hyundai raised its flag not as a manufacturer of ultra-affordable utilitarian transport, but as a company that builds fashionable, well-equipped, and high-quality cars. While it's no secret Hyundai is in a better place than it was nearly six years ago, the importance of the Tucson has grown substantially. Much as the second-gen model helped to signal Hyundai's arrival as a global player, the company hopes the third generation will mark its entry as one of the industry's premier crossover builders. Based on a day of driving around some of Minnesota's 10,000 lakes, we think that's an attainable goal. According to Hyundai's research, the Tucson is viewed as "sporty, stylish, and modern." Targeting that first notion is the new 1.6-liter, turbocharged Gamma four-cylinder, which sits under the hood of Eco, Sport, and Limited models. The single-scroll turbo allows the tiny four to deliver 175 horsepower and 195 pound-feet of torque. There's also a 2.0-liter, naturally aspirated four-cylinder for the base SE, with 164 hp and 151 lb-ft of torque, although we weren't able to score any time behind the wheel. Look for more on the base Tucson in the near future. The turbo, though, is shockingly quiet at idle, and isn't too bad as it climbs the tachometer. North of 6,000 rpm, though, it's loud, buzzy, and unpleasant. Even with the turbo's peak twist available from 1,500 to 4,500 rpm, there's little hiding the maximum curb weight of 3,710. After a smidge of lag, initial torque comes on strong, although the weight of this compact crossover soon overwhelms what power is available. That'd be a problem were it not for the new seven-speed, dual-clutch transmission. Paired exclusively with the 1.6-liter turbo (the 2.0-liter gets a traditional six-speed auto), the dry-clutch gearbox is able to deliver smooth but quick changes, particularly at engine speeds below 5,000 rpm.

Hyundai performance boss hints at an Ioniq Electric N

There have been rumblings about what's next for Hyundai's N performance brand, and its chief has just dropped a big hint: a souped-up electric vehicle. Maybe an Ioniq Electric N hatchback? Sure sounds like it. Automotive News got Albert Biermann, head of vehicle testing and high-performance development for Hyundai and Kia, to spill the beans. "When we think of cars after 2021 for N, I think we cannot avoid electrification," he said. "We will have an EV sooner or later. It's just a matter of timing." Hyundai's N brand is still in its relative infancy. The Veloster N will be the only model available in the U.S., and it doesn't go on sale until later this year. It joins the Europe-only i30 Fastback N and i30 N hatchback, the former of which debuts in October at the Paris auto show and hits showrooms in Europe by the end of the year. Biermann said a fourth N model was already in his long-term budget and could be an SUV, which aligns with previous reports suggesting it could be either a 247-horsepower Kona N or a 271-hp turbocharged Tucson N. An electric N would be a surprise fifth model, and it could happen soon. "There's a car within the next two or three months that we probably have a chance to show to Vice Chairman Chung (Eui-sun) and our top management," Biermann told Automotive News. "Depending on what is the current mood and situation, we might get a spontaneous 'OK, go for it.'" The Hyundai Ioniq Electric boasts a 136 MPGe rating and a driving range of 124 miles from its 28.0 kWh battery. But it makes only 118 horsepower and 218 pound-feet of torque, so an N version would presumably upgrade those latter figures. By way of comparison, the Veloster N, which goes on sale later this year, delivers 275 hp and 260 lb-ft of torque from its 2.0-liter four-cylinder, while the specs on the standard Veloster are 147 hp and 132 lb-ft for the standard 2.0-liter four-cylinder and 201 hp and 195 lb-ft for the 1.6-liter turbo-four that powers the Turbo model. Biermann suggests an electric N would have an improved battery, bigger motor and inverter with more power. If Biermann's abbreviated timeline projection holds true, it sounds like we'll know more soon. Related Video: