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Hyundai, Kia warn of $2.9B earnings hit over engine issues

SEOUL — Hyundai Motor and affiliate Kia Motors warned of another $2.9 billion of provisions related to engine issues, bringing their total hit from the years-long quality problem that has tarnished their credibility to nearly $5 billion. Hyundai Motor Group said on Monday their third-quarter earnings would reflect quality-related costs of a combined 3.36 trillion won ($2.94 billion), of which Hyundai accounted for 2.1 trillion won and Kia for 1.26 trillion. Hyundai and Kia, together the worldÂ’s No.5 automaker, recalled nearly 1.7 million vehicles in 2015 and 2017 in one of their biggest recalls in the United States, citing an engine failure that raises the risk of crashes. In 2017, U.S. safety regulators began to investigate if the recalls had covered enough vehicles and were done in a timely fashion. That followed concerns reported by a South Korean whistleblower, a former quality official at Hyundai, to the U.S. National Highway Traffic Safety Administration (NHTSA). Hyundai was being investigated by U.S. prosecutors over whether vehicle recalls were conducted properly, Reuters reported in 2018. From 2017 to 2019, the two firms have earmarked a series of provisions mostly to address engine-related issues, which amounted to about 2.04 trillion won, according to Reuters' calculation. The latest provisions reflect higher-than-expected replacement rates for Theta II GDi engines of old vehicles subject to recalls, as well as growing consumer complaints over the same engine and other engines not subject to recalls, Hyundai said. The engine is in a wide variety of vehicles. "Hyundai has repeatedly said it does not see any more costs related to the Theta II engine issues, and the latest recall would deal a fatal blow to Hyundai's credibility," Sean Kim, an analyst at Dongbu Securities said. "I am worried." He expected Hyundai and Kia to swing to losses for the quarter from July to September, hit by the provisions. Hyundai Motor closed down 2.3% and Kia Motors ended down 1%. ($1=1,141.42 won)   Earnings/Financials Recalls Hyundai Kia

Recharge Wrap-up: Kia Soul EV wins MotorWeek award, Virgin Hotels offering Tesla Model S rides

The Kia Soul EV has been awarded a MotorWeek's Drivers' Choice Award. Winning the honor for Best Eco-Friendly Vehicle, "The Kia Soul EV is the perfect EV," according to MotorWeek host and executive producer John Davis. "It has more power and range compared to other affordable all-electric vehicles. Plus, its funky style makes driving the Kia Soul EV really cool." The Soul EV has a driving range of about 93 miles on a single charge, and offers an interior roomy and comfortable enough to earn MotorWeek's praise. Read more in the press release below. Virgin Hotels will provide its Chicago guests car services in the Tesla Model S. Guests can get rides to and from the hotel in a red, dual-motor Model S P85D. Virgin Hotels offers the EV services as part of its sustainability program. "Tesla is the hottest electric car on the road right now, and we're elated to provide our hotel guests with this chic house-car service while also helping to reduce our carbon footprint," says Virgin Hotels vice president of sales and marketing Doug Carrillo. "For Virgin Hotels it's important to provide services our guests desire but do so with the environment in mind whenever possible." Hyundai has announced the first lease of its Tucson Fuel Cell in Canada. Hyundai chose the Vancouver couple, Jennifer Ma and Clayton Crawley, as the first buyers in part because they live near both a dealership and a fueling station, the latter of which sources its hydrogen from a chemical company that produces the gas as a byproduct. Crawley, whose children love the beach, says, "Getting there while reducing our environmental impact will be awesome." Read more at Automotive News. The Federal Transit Administration (FTA) is providing $30 million in grant money for Proterra electric buses. Six transit agencies will buy 28 of the EV buses for a variety of projects. Proterra CEO Ryan Popple calls the funding a "tremendous validation for the company." In total, the FTA is handing out $55 million in grant money for the deployment of American-made electric buses. Four other agencies will receive buses from BAE Systems and New Flyer as part of the program. Read more at Charged EVs. Kia Soul EV Wins 2015 MotorWeek Drivers' Choice Award Kia's First All-Electric Vehicle Wins Best Eco-Friendly Honor - Soul EV praised for funky style, power, range and roomy interior - MotorWeek's annual list of winners serves as a buying guide for the show's nationwide audience CHICAGO, Feb.

Predictable is good | 2017 Kia Sorento Quick Spin

It's been a while since we've tested the latest Kia Sorento, and we've never reviewed the V6 model. That's a shame. It's comfortable, drives well, and offers a lot of features. It's one of Kia's best-sellers, though sales have slipped as competitors roll out fresher models. Still, with consumers flocking to crossovers, the Sorento remains a critical vehicle for Kia. We spent a couple of days running around metro Detroit in the top trim SXL V6 model, which starts at $46,595. With optional Snow White Pearl paint ($395) our tester comes in at $46,990. It's loaded, with the 3.3-liter V6, all-wheel drive, 19-inch chrome alloy wheels, HID headlights, and LED fog and taillights. The interior has heated and vented seats, a heated leather steering wheel, Kia's UVO infotainment, satellite radio, and Infinity surround sound audio. Safety features include an auto emergency braking system, lane departure warning, surround view monitor, and rear traffic alert. Put simply, it's a really nice crossover. Here's our impressions. We were immediately impressed with the V6, which pumps out 290 horsepower and 252 pound-feet of torque. It offers strong, even acceleration. We took off from a stoplight, revved to 6,000 rpm, and shot past a line of traffic cued up to the left. The Sorento feels a little bit like a sleeper. It's strong on the expressway. We had no trouble merging or maneuvering through plodding traffic. Reaching cruising speeds of 75 or 80 miles per hour isn't a chore. We occasionally floored it to stretch things out and weren't disappointed. Response is very acceptable for this segment. We noticed the sound of the V6 is basic, and not sporty. Just six cylinders doing their thing. Teamed with a six-speed automatic transmission, the V6 was refreshing. So many crossovers come with turbo and/or naturally-aspirated four-cylinders (the Sorento offers both). But a competent engine moving us forward in a linear fashion is kind of nice. Traditional even. Yes, the industry is moving toward downsized displacement, and that's a smart tactic. But a turbocharged engine — they all have some degree of lag — is a strange dynamic for some consumers. Add in a dual-clutch or an eight- or nine-speed gearbox, and everyday vehicles can start to feel weird. Accelerate quickly in a turbo crossover with a non-enthusiast and they're not going to like it. The point: the traditional powertrain in the Sorento delivers. Once we're cruising, we noticed a little bit of road and wind noise.