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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.

2018 Kia Niro Plug-in Hybrid revealed, boasts 26 miles of electric range

The 2018 Kia Niro Plug-in Hybrid was introduced Thursday at the 2017 Los Angeles Auto Show, adding a considerably larger battery pack to the existing Niro Hybrid crossover. With an estimated 26 miles of all-electric range, the Niro Plug-in is in the same ballpark as most other plug-in hybrid models like the Toyota Prius Prime (25 miles), Hyundai Ioniq Plug-in (29 miles) and Kia's own Optima Plug-in (29 miles). The Chevrolet Volt is the king of the castle at 53 miles. When the all-electric range is exhausted, it'll get 48 mpg city, 44 mpg highway and 46 mpg combined. That's actually a bit worse than the regular Niro (51 city/46 highway/49 combined), though that difference isn't as great it might seem given actual gas burned and the all-electric range. The estimated mile-per-gallon-equivalent rating is 105 MPGe. That's actually about the same as the Volt (106) and Optima (103), but less than the Prius Prime (133) and Ioniq (119). This is all achieved by the addition of a 8.9-kWh lithium-polymer battery pack and a 60-horsepower (44.5-kw) electric motor. This compares to the regular Niro Hybrid's 1.56-kWh battery pack and 43-hp motor. Despite its greater capacity, the battery doesn't take up any extra interior space, still fitting under the back seat and cargo area. It can be recharged in approximately 2.5 hours using a 240V charger, or in less than 9 hours using a regular household 120V outlet. Besides the powertrain, the Niro Plug-in is essentially the same beyond a few minor styling updates. There is a slightly different "grille" insert and some blue trim accents. It can also be equipped with LED headlamps. Related Video:

Limited-edition Kia Stinger GTS gets all-wheel drive with a drift mode

The Kia Stinger is currently available with either rear-wheel drive or all-wheel drive, each with fairly distinct characters. With the limited-edition Stinger GTS, Kia wants to blend the best parts of each and create a third option for buyers: Drift Mode. Although the GTS will still be available as RWD or AWD, the all-wheel setup is focal point of the new limited-edition model. Revised to integrate "rear-wheel DNA," the new D-AWD system features a mechanical limited-slip rear differential for improved traction and power distribution. Kia also says the control logic has been tuned with a new transmission shift pattern, improved stability control, better slip control, and countersteer detection. The D-AWD-equipped Stinger GTS will have three different driving modes: comfort, sport, and drift. Comfort mode sends 60 percent of power to the rear, sport mode sends 80 percent to the rear, and drift mode gives the rear wheels 100 percent control. Drift mode will also hold gears to maintain power. No powertrain alterations will be made, as the GTS will get the 365-horsepower twin-turbo 3.3-liter V6 that pairs with an eight-speed automatic transmission. The rest of the changes aim to make the GTS feel slightly aftermarket. It gets an exclusive Federation Orange paint job, a Stinger emblem on the rear, and a rear GTS badge. Kia also gave the GTS real carbon fiber on the hood, side mirror caps, and side vents. Inside, the GTS is equipped with a Chamude headliner, an Alcantara steering wheel and center console, a wireless smartphone charger, a 720-watt Harmon/Kardon sound system, and a sunroof. Kia plans to start production of the GTS this spring and is limiting the run to 800 units. The RWD model starts at $44,995, and the AWD model starts at $47,495. Featured Gallery 2020 Kia Stinger GTS: New York 2019 View 14 Photos Related Gallery Kia Stinger GTS View 16 Photos News Source: KiaImage Credit: Live photos copyright 2019 Drew Phillips / Autoblog.com New York Auto Show Kia Hatchback Performance Sedan 2019 new york auto show drift mode