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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.

2021 Kia Seltos fuel economy revealed at up to 31 mpg combined

The 2021 Kia Seltos made its official debut in the U.S. just a couple months ago at the L.A. Auto Show. Now its fuel economy numbers have been published by the EPA. The compact crossover's numbers are roughly on par with its smaller Soul sibling and significantly better than the larger Sportage. The Seltos is available with two different engines, a 146-horsepower naturally aspirated 2.0-liter four-cylinder coupled to a CVT, and a 175-horsepower turbocharged 1.6-liter four-cylinder with a dual-clutch transmission. The former is available with front-wheel drive or all-wheel drive, while the latter only comes with all-wheel drive. Unsurprisingly, the most efficient model is the front-drive 2.0-liter with city fuel economy of 29 mpg, highway economy of 34, and 31 combined. Adding all-wheel drive drops those numbers to 27 in town, 31 on the highway, and 29 combined. The turbo Seltos brings up the rear with 25 mpg in the city, 30 on the highway and 27 combined. Compared with its smaller sibling, the Soul, the Seltos performs impressively, with the front-drive model matching the Soul Eco Dynamics combined fuel economy of 31 mpg. On the other hand, the turbo Soul's 29 mpg combined rating is better than the turbo Seltos. The turbo Seltos does have all-wheel drive, which the turbo Soul lacks. In fact, no Soul is available with all-wheel drive, a worthy selling point for the Seltos. When comparing the Seltos numbers to the bigger Sportage, which also offers all-wheel drive, every version of the Seltos outperforms the best Sportage's combined fuel economy number of 26 mpg. Comparing the Seltos with other small crossovers, it fares well. Looking at front-drive competitors, only the much more expensive Subaru Crosstrek Hybrid and the smaller, cheaper Nissan Kicks and Hyundai Venue top the Seltos in fuel economy. The Buick Encore ties it. With all-wheel drive, the Seltos is also competitive. The non-hybrid Subaru Crosstrek's 30 mpg combined beats the Seltos by just one, and the Honda HR-V is tied with the Kia. The 2020 Kia Seltos will go on sale early this year. The base price will be below $22,000. Related Video:

In the Kia Niro Super Bowl ad, no good deed goes unpunished

After a few teasers, we finally get to see Kia's Super Bowl ad for the Niro hybrid. The ad shows Melissa McCarthy rushing off to all corners of the world to help environmental causes of all types. As soon as a call comes over the speakers of her navy blue Niro, she's ready to go. Unfortunately, as you'll see in the video above, none of her experiences go according to plan. She has a close encounter with a whale that sends her flying, rides a tree down to the ground while trying to save it, and runs from an angry rhino. The end message is that "it's hard to be an eco warrior, but it's easy to drive like one." The ad is admittedly funny, but the end message isn't exactly ideal. Fuel-sipping cars like the Niro are generally better for the environment than thirstier machines, but it's a little disappointing to see it proposed as a viable alternative to actual volunteer work to help the environment. It's a bit like wanting to go overseas to help people in struggling countries, but deciding it's too hard and buying a Fair-Trade chocolate bar instead. But hey, it's just a Super Bowl commercial, so we're probably overthinking this. And if you liked the commercial, or maybe you're just a Melissa McCarthy fan, Kia will be giving away 40 props from the commercials. You can win one of them by chatting with the NiroBot chatbot on Facebook Messenger, which provides information about the car. Related Video: