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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.

2020 Kia Soul pricing starts at $18,485

Pricing for the 2020 Kia Soul hatchback-crossover-thing has been revealed, and it's a bit more expensive than the old model. The base manual transmission-equipped LX starts at $18,485, which is exactly $1,000 more than the old base manual model. And for those curious, the manual transmission is only available on the LX. The price gap is a tad narrower with the CVT-equipped 2020 Soul, which is only $800 more than the previous one at $19,985. Both versions of the LX, and all trims except the GT-Line with the turbo engine, get a naturally aspirated 2.0-liter inline-four making 147 horsepower and 132 pound-feet of torque. Stepping up from the base LX trim are several new variants. First up is the S that costs $21,285 and adds standard keyless entry, cruise control, automatic emergency braking, lane-keep assist, alloy wheels and body-color door handles and mirrors. The non-turbocharged GT-Line starts at the same price, and it brings sportier bodywork, bigger 18-inch wheels, and leather-wrapped wheel and shift knob. On the other hand, safety features standard on the S, such as blind-spot warning and rear cross-traffic warning, become options on the GT-Line. X-line is next and is similar to the GT-Line, but comes with crossover-inspired plastic body cladding, faux skid plates and real roof rails. It costs more at $22,485, though, and it gets even fewer safety features still, losing the GT-Line's options as well as lane-keep assist and automatic emergency braking. Topping out the range of Souls with the 2.0-liter engine is the EX at $23,685. It comes with all the features of the S plus heated mirrors, heated seats, dual-zone automatic climate control, 10.25-inch infotainment screen, wireless phone charging, push-button start, and leather-wrapped wheel and shift knob. At the top of the range is the GT-Line with turbo engine, and it starts at a shocking $28,485. That's $4,500 more than the outgoing turbocharged Soul, and it's right in line with some pretty serious sporty hatchbacks such as the VW GTI ($28,490), Mini Cooper S ($26,750) and Hyundai Veloster N ($27,820). Compared with other Souls, the top-spec GT-Line gets a force-fed 1.6-liter inline-four making 201 horsepower and 195 pound-feet of torque. It's coupled to a seven-speed dual-clutch transmission, the only transmission option.

Did a US automaker blow the whistle on Hyundai, Kia fuel economy issue?

In all of the most hotly contested mainstream segments of the motoring universe, the difference of one mile per gallon averaged on a widow sticker can mean the difference between a sale and a walk-off - to say nothing of two or three mpg. So, when Hyundai and Kia were forced to reveal that many of their 40-mpg ratings were actually 38s and 37s, well, it made for big news.
It also, conceivably, made for a competitive disadvantage immediately, when the Korean automakers' products were being shopped versus the guys down the block. And it's that disadvantage that makes a recent story from Automotive News so juicy.
AN is reporting that Margo Oge, former head of the Environmental Protection Agency's Office of Transportation and Air Quality, got a tip in 2010 that Hyundai/Kia were "cheating" to get its impressive fuel economy numbers. The tip, said Oge (who retired from the EPA this past September), came from a senior vice president from a domestic automaker. The source was credible enough for Oge to launch an audit of the Hyundai figures, which ultimately lead to the debacle that we reported on a few months ago, and that the Korean company has been trying to bounce back from ever since.