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Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.

Kia Niro sets Guinness World Record | Autoblog Minute

The 2017 Kia Niro officially received a Guinness World Record title for the lowest fuel consumption driving across the USA from coast to coast (hybrid car).

Recharge Wrap-up: Venturi seeks funding for speed record, Kia partners on V2G

Venturi Automobiles has started a crowdfunding campaign to help break an EV speed record. Venturi's goal, with the help of The Ohio State University, is to set a new FIA World Speed Record for Battery Powered Electric Vehicles of over 7000 pounds with its VBB-3. Venturi set the current record at 307 miles per hour, but wants to exceed that this September at the Bonneville Salt Flats. Funders can score merchandise like T-shirts, miniature models, and even their name on the side of the car. Learn more at Venturi Automobiles' Kickstarter page. Kia is providing six Soul EVs to UC Irvine's Advanced Power and Energy Program (APEP). APEP is using the electric vehicles for the development of vehicle-to-grid technology and smart charging systems. Kia says the collaboration is helpful in its goals of expanding EVs over the next five years. "Grid-connected electric vehicles offer tremendous potential in terms of energy storage and dispersion during high-demand periods," says Kia VP of Product Planning Orth Hedrick, "and Kia is excited to collaborate with APEP in the study and development of advanced smart grid technologies." Read more from Kia, or at Green Car Congress. Daimler is launching its Mercedes-Benz Energy brand for stationary energy storage. Taking on the likes of Tesla with its Powerwall, Daimler began shipping battery packs for residential energy storage in Germany in April, with an eye toward solar systems. Now, with its new brand, the company looks to expand to the global market. "By founding Mercedes-Benz Energy GmbH, we are underscoring our ambition to be a technological and market leader in the field of highly efficient storage systems," says Daimler's Harald Kroger. "With our unique combination of high standards of quality and safety and positive economies of scale, we are supporting the success of the new energy era while helping to make electromobility affordable." Read more in the press release below. Daimler Establishes Mercedes-Benz Energy GmbH for Stationary Energy Storage Daimler AG is continuing to expand its network of expertise in the field of lithium-ion battery applications. Within this innovative line of business, the newly established Mercedes-Benz Energy GmbH is assuming the development and global sale of Mercedes-Benz brand stationary energy storage with immediate effect. Thus, Daimler is focusing even more on the growing market for stationary batteries.