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Hyundai to buy electric vehicle batteries from SK Innovation, according to report

SEOUL — Hyundai Motor and affiliate Kia Motors have decided to secure electric vehicle batteries from SK Innovation for the next four to five years, Maeil Business Newspaper said on Friday, citing industry sources. The sources said the deal was worth more than 10 trillion won ($8.6 billion). SK Innovation, Hyundai Motor and Kia declined to comment. Hyundai Motor said in October it would launch 16 EV models by 2025, aiming to boost EV sales 560,000 by then, a level that would be equivalent to more than 10% of its projected global sales this year. Reporting by Hyunjoo Jin. Related Video:    

Kia continues Ecology Center support, donates Soul EV

Kia is reaffirming its green side by continuing its support of The Ecology Center in San Juan Capistrano, CA. In addition to events at the company's American headquarters in Irvine, CA, the Korean automaker is donating a Soul EV for the non-profit organization to use. The Center's goal is to educate the people of Southern California in food, water supply and energy conservation. This is the third year of Kia's partnership with the group. The Soul EV should go perfectly with last year's donation of two charging stations, too. To get people motivated about the environment, the Center offers events like film screenings, classes, and camps for kids. After it hit the market late last year, the Soul EV has proven reasonably popular. Sales started exclusive to California, but Kia recently decided to broaden the offering to Texas, Georgia, Oregon, Washington, and Hawaii. The electric hatchback offers drivers 109 horsepower and 210 pound-feet of torque with an official 93-mile range from a 27-kWh, lithium-ion battery. KIA MOTORS AMERICA RENEWS PARTNERSHIP WITH THE ECOLOGY CENTER AND PROVIDES SOUL EV TO SUPPORT COMMUNITY OUTREACH EFFORTS Automaker's "Visionary" Sponsorship of San Juan Capistrano-Based Eco-Education Center Supports Awareness and Education about Food, Water Supply and Energy Conservation Partnership with The Ecology Center supports Kia's diverse corporate sustainability practices Two electric vehicle charging stations available at The Ecology Center IRVINE, Calif., June 23, 2015 – Kia Motors America (KMA) today announced the renewal of its partnership with The Ecology Center, a San Juan Capistrano, California-based non-profit eco-education center dedicated to creating a healthy and abundant future for all of Southern California and beyond. In its third year as a "Visionary" partner, Kia is providing the use of a 2015 Soul EV to The Ecology Center, which complements the two electric vehicle charging stations installed as part of the partnership last year. Kia and The Ecology Center will organize and carry out sustainability-themed learning projects at the KMA campus in Irvine, California, and in the surrounding community, and both organizations will continue work together to plan hands-on conservation and volunteer activities at The Center.

Why BMWs are cheaper than Hyundais in Korea

Bloomberg reports shifting tariff regulations have upended the traditional automotive pecking order in Korea. Thanks to cheaper import taxes, foreign brands have seen market share jump from 28 percent to 41 percent over the last two years. BMW, Mercedes-Benz and Audi have all capitalized on the shift, with domestics like Hyundai and Kia suffering at the hands of their German rivals.
Taxes on European imports have fallen from 8 percent in 2011 to just 3.2 percent today. Over the next few years, tariffs will all but be eliminated for most imports, and taxes on US-made vehicles are expected to fall to just 4 percent in 2014. By 2016, that number will be zero. Needless to say, Hyundai and Kia are concerned about the shift.
Hyundai has seen profit fall by 15 percent last quarter, and the company says it is on pace to see the slowest sales growth since 2007. The company's shares have fallen by 12 percent. In order to stem the losses, Hyundai has discounted its midsize sedans and started working on diesel engine options.