2014 Kia Soul + on 2040-cars

Auto blog

Hyundai quality issues hammer quarterly profit report

SEOUL — South Korea's Hyundai said on Monday it swung to a net loss for July-September, missing market estimates by a wide margin, as costs related to engine quality issues and recalls smashed what would otherwise have been strong earnings. Hyundai, the world's fifth-biggest automaker when combined with affiliate Kia, reported a net loss of 336 billion won ($297.72 million). The average of 12 analyst estimates complied by Refinitiv was 1.2 trillion won in profit. The automaker said it booked 2.1 trillion won to cover charges related to engine defects that increased the risk of stalling and fire. The years-long quality problems have cost Hyundai and Kia nearly $5 billion and left the pair subject to a probe by U.S. authorities over the manner of their recalls. "Third-quarter results reflect engine-related provision expenses as the company took preemptive measures to ensure customer safety and cover any possible future increase in quality-related expenses," Hyundai said in a statement. "We sincerely apologize to our shareholders and investors for having repeated quality cost issues over three quarters since 2018," an executive told an earnings briefing. Operating loss for the third quarter was 314 billion won. Excluding quality costs, the figure would have been 1.8 trillion won profit. Revenue rose 2.3% on year to 27.6 trillion won. Analysts said the operating loss was not as deep as expected as Hyundai enjoyed firm sales in the quarter backed by increased demand in the United States and emerging markets such as India. Its stock rose as much as 4.2% after the announcement versus a 0.3% fall in the benchmark KOSPI in afternoon trade. Related Video: Earnings/Financials Hyundai Kia

Car flies off Pittsburgh parkway and into auto shop parking lot

A motorist lost control of their car on a Pittsburgh freeway yesterday and, after hitting a curb, flew off the freeway and crashed into the parking lot of a local auto shop. According to KDKA, an unidentified motorist was driving along Parkway West in a Kia Optima just after noon on January 30 when they missed a sharp turn near the Campbell Road exit. The Kia hit the curb, flew into the air, smashed through Snyder Brothers' Automotive's sign, and landed nose-first in the repair shop's parking lot. "It sounded like a shower of debris hitting the floor, you know, the ground out there," owner Donald Snyder told KDKA. "We ran out there and we had 911 on the phone and he told me to check him out. We were checking him out. I looked at him, he didn't have no bruises on him, no scratches, it was amazing," Snyder told reporters that this isn't the first time a car has flown off the Parkway and into their lot. In fact, it's the eighth one in nine years. "We've had cars flip over, catch on fire. Hit the building, time and time again," said Snyder. "You know, coming down 376 and when you're in the right hand lane to exit – that's a long run. I think people, they are not prepared to make that sharp turn. Also, I think people become distracted. This fellow, he didn't even hit his brakes, he just kept going straight without turning." Snyder has reported the situation to the Pennsylvania Department of Transportation numerous times. He said that PennDOT keeps putting up warning signs, but they just get destroyed by the next person who misses the corner and crashes into his lot. He told KDKA that he just wants people to be careful out on the Parkway. "Slow down and be aware of that sharp turn," said Snyder. Related Video:

Kia Sedona shows off new 'comfortable and futuristic' interior

Last month Kia coined a new, fourth-generation minivan and the term "Grand Utility Vehicle" to go with it. Known as the Carnival in its home market of South Korea, and as the Sedona here, Kia's given us a look at the "comfortable and futuristic" interior we can expect when the model goes on sale. We like the current Sedona, but the imminent upgrade is immediately clear and comprehensive even in photos. The automaker calls the interior design theme "Spatial Talents," which sounds like a superpower your home mover or the guy at U-haul has, but it refers to the how designers made the most of a slightly larger body and roomier interior. The minivan's wheelbase grows 1.2 inches, overall length extends by 1.6 inches, 1.2 of that being rear overhang, and width gets an extra pip of 0.4 inches. Depending on market, seating arrangements for seven, nine or 11 people will provide more room for every occupant in every row. The star draw is the instrument panel, where Kia placed the 12.3-inch digital gauge cluster and 12.3-inch infotainment screen in a cohesive enclosure under a single pane of glass. A full-width horizontal band separates the upper and lower areas of the instrument panel, vents tucked discreetly into the contrasting divider. Below that, dedicated buttons and another screen offer radio and climate controls, a shift-by-wire rotary knob set atop the transmission tunnel where a bulkier shift lever currently sits. More upscale materials are laid throughout the cabin. Second-row passengers benefit from new USB outlets on the front seatbacks, nets to hold electronic devices, and a storage drawer at the base of the rear console.     The only engine available in our Sedona is a 3.3-liter V6 with 276 horsepower and 248 pound-feet of torque. The next-gen Sedona will likely follow the powertrain lead of the new Sorento. That means a 2.5-liter turbocharged four-cylinder putting out around 277 horsepower and 310 pound-feet, and a 1.6-liter turbocharged four-cylinder hybrid with 227 hp and 259 lb-ft.   The Carnival goes on in South Korea in the third quarter of this year, with rollout to global market following that. Related Video: