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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

2019 Kia Forte First Drive Review | Slow, but steady

PITTSBURGH, Pa. — Kia is in the midst of an sea change. The Stinger's release has shifted the brand's focus away from simply being rebadged Hyundais, giving the Korean automaker a new identity. The Soul and Niro have been solid and unique products, but one or two cars aren't enough to move the needle, especially in the eyes of the public. Our long-term 2018 Kia Stinger GT is a fantastic car, but it still gets plenty of "that's a Kia?" comments out in public. If Kia wants to reinvent itself in this new image, every product is going to have to look and feel as if it was cut from the same cloth. For 2019, the Kia Forte is entering its third generation, having debuted a decade ago as replacement for the Spectra. Like the previous two models, the new Forte shares more than a little with its corporate sibling, the Hyundai Elantra. Kia claims the Forte is more than just an Elantra with handsome new sheetmetal, with some minor updates and changes underneath the skin. There are some allusions to the Stinger in the Forte's design — thin, sweptback headlights, a wide lower air intake up front and full-width taillights in the rear. Both cars are also sprinkled with a number of black accents. It's clean and more distinctive than the recently refreshed but still conservative Elantra. The Forte's interior is less Stinger and more Optima — not quite as bold as the exterior might suggest, but purposeful. There are the practical details that make a difference: small spaces for your phone, sunglasses and more. The Honda Civic offers more, but the Forte is near the top of its class. Like the Elantra, the Forte's seats are comfortable and well positioned, though I do wish there were a little more thigh bolstering. Base models come with cloth, though heated and ventilated leather seats are standard on the top-tier EX trim. The EX also comes with two USB ports and an optional wireless charger. Fit and finish are impressive, too. There was nary a rattle or panel gap to be found. Kia's focus on improved noise and vibration was immediately evident, too. Both wind and road noise were both mild, with just a little bit of sound coming from the car's A-pillars. The chassis has been stiffened significantly compared to the Elantra, and it definitely comes across on the road. The overall impression inside is that it looks and feels as well-built as anything coming from Japan and better than some of the Americans. Unfortunately, things aren't quite as rosy when you get moving.

Hyundai, Kia launching dedicated hybrids in 2017

The currently weak green car market isn't stopping Hyundai and Kia from staging an ongoing electrified onslaught, and it's primed to just keep growing. Already familiar with the field thanks to vehicles like the Sonata Hybrid, Tucson Fuel Cell, and Kia Soul EV, for the 2017 model year the Korean siblings are launching their first dedicated hybrids, according to Automotive News. Since last year, the hybrids have been spotted testing several times while wearing heavy camouflage. Hyundai's version will reportedly be styled as a Chevrolet Volt-fighting sedan. Conversely, Kia will go for a more directly Prius-challenging hatchback. Underneath, they'll share a powertrain consisting of a direct-injected, 1.6-liter four-cylinder and electric motor. Both will use the same platform based on the next-gen Elantra and Forte, according to Automotive News. In addition, Hyundai will get a pure EV version of its model to launch in California in 2017, while Kia reportedly won't. According to Automotive News, the companies' strategy is reportedly to be ready when gas prices eventually rise again. "When they come back up and people start looking for hybrids again, it'll be very nice to be able to give buyers an option besides just the Prius," said Adam Kraushaar, president of a New Jersey Hyundai dealer. Further complimenting the electrified plans, a plug-in version of the Kia Optima Hybrid is also reportedly on the way. With its launch, the two brands would have a total of nine hybrid, EV or fuel cell vehicles on offer by the 2018 model year.