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Hyundai will invest $35 billion in autonomy and emerging technologies

SEOUL — Hyundai Motor Group said it plans to invest $35 billion (41 trillion won) in mobility and other auto technologies by 2025, part of which will be directed to an ambitious effort to become more competitive in self-driving cars that has also received government backing. The plan, which Hyundai said encompasses autonomous, connected and electric cars as well as technology for ride-sharing, comes after the automaker and two of its affiliates announced an investment of $1.6 billion in a venture with U.S. self-driving tech firm Aptiv. South Korea's government is also onboard, unveiling more funding for autonomous vehicle technology with President Moon Jae-in declaring on Tuesday that he expected self-driving cars to account for half of new cars on the country's roads by 2030. "The self-driving market is a golden market to revitalize the economy and create new jobs," Moon said in a speech at Hyundai Motor's research center near Seoul. The government intends to spend 1.7 trillion won between 2021 and 2027 on self-driving technology. It expects Hyundai to launch level 4, or fully autonomous, cars for fleet customers in 2024 and for the general public by 2027, an industry ministry official told Reuters. But some experts question whether targets set by the government and the automotive group, which also includes Kia Motors, are realistic given the technological and cost challenges and the lack of home-grown technology. In a 45-page report on future automotive technology, the government acknowledged South Korea lags in some key areas necessary for self-driving cars such as artificial intelligence, sensors and logic chips. "Hyundai has to buy technology from someone else because it lacks software technology. Even though it has a lot of cash, this could become a financial burden if its earnings deteriorate," Esther Yim, an analyst at Samsung Securities, said. Other analysts noted that the prospects for self-driving cars are quite murky. General Motors' self-driving unit, Cruise, said in July it was delaying the commercial deployment of cars past its target of 2019 as tech firms and automakers acknowledge it will take more time and money than they had expected to make autonomous vehicles safe for unrestricted use on public roads. South Korea's government said it would prepare a regulatory and legal framework for autonomous cars and the safety questions they pose by 2024.

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 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.