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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.

Car flies off Pittsburgh parkway and into auto shop parking lot

A motorist lost control of their car on a Pittsburgh freeway yesterday and, after hitting a curb, flew off the freeway and crashed into the parking lot of a local auto shop. According to KDKA, an unidentified motorist was driving along Parkway West in a Kia Optima just after noon on January 30 when they missed a sharp turn near the Campbell Road exit. The Kia hit the curb, flew into the air, smashed through Snyder Brothers' Automotive's sign, and landed nose-first in the repair shop's parking lot. "It sounded like a shower of debris hitting the floor, you know, the ground out there," owner Donald Snyder told KDKA. "We ran out there and we had 911 on the phone and he told me to check him out. We were checking him out. I looked at him, he didn't have no bruises on him, no scratches, it was amazing," Snyder told reporters that this isn't the first time a car has flown off the Parkway and into their lot. In fact, it's the eighth one in nine years. "We've had cars flip over, catch on fire. Hit the building, time and time again," said Snyder. "You know, coming down 376 and when you're in the right hand lane to exit – that's a long run. I think people, they are not prepared to make that sharp turn. Also, I think people become distracted. This fellow, he didn't even hit his brakes, he just kept going straight without turning." Snyder has reported the situation to the Pennsylvania Department of Transportation numerous times. He said that PennDOT keeps putting up warning signs, but they just get destroyed by the next person who misses the corner and crashes into his lot. He told KDKA that he just wants people to be careful out on the Parkway. "Slow down and be aware of that sharp turn," said Snyder. Related Video:

2018 Kia Stinger GT Long-term Update | Addictive power, less addictive response, fuel economy

One of the big draws of our long-term 2018 Kia Stinger GT is its twin-turbo 3.3-liter V6. With 365 horsepower and 375 pound-feet of torque hooked up to a rear-drive-based drivetrain (rear-drive is standard), it's an exciting proposition. In real life it lives up to the promise with only a few minor caveats. First the good stuff: This engine is a real ripper. It feels much, much stronger than the numbers purport. Shove the throttle down and the Kia shoves you back and doesn't let up. Your only reprieve is at redline when it shifts, then the process starts again. This sensation is accessible anywhere in the rev band, too, a benefit of peak torque arriving at just 1,300 rpm. It's an exciting and addictive feeling, and it matches the Stinger's fierce appearance. From the driver's seat, it sounds good but not great. It produces a smooth, deep growl, but it's flat. Other V6s have more of a gargle, or a howl or a shriek that provides personality. The Stinger's V6 sounds generic in contrast. Bystanders won't even get a generic growl, though, as the car is as quiet as a Camry from the outside. On the plus side, keeping the Stinger GT quiet does help it stay peaceful on commutes and road trips, but some kind of electronically adjustable exhaust would really liven up the Stinger GT's soundtrack without sacrificing refinement. In addition to some better pipes, the Stinger GT could use better throttle response. We've become accustomed to wickedly responsive turbo cars nowadays, so it's a little surprising to hop in the Stinger GT and feel a moment's pause before the revs rise and the boost hits. The slow response works the opposite way, too, with acceleration continuing for a moment after releasing the gas pedal. Sport mode helps alleviate the lag, but it never disappears entirely. Still, you can adjust to accommodate the sluggish throttle response, but the Stinger would be an altogether more confidence-inspiring car without it. Finally, when it comes to fuel economy, the Stinger GT meets expectations. The EPA rates it for 17 mpg in the city, 25 on the highway and 20 in combined driving, and almost every entry in our fuel log fits that range. There were a couple refuels that revealed numbers as low as 15 mpg, though our Green Editor John Snyder managed to break 29 mpg on a trip.