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Hyundai plans to catch up with other automakers, offer EVs

YONGIN, South Korea (Reuters) - South Korea's Hyundai Motor Co is developing its first dedicated architecture for electric vehicles, seeking to catch up with the likes of Tesla in the growing segment with multiple, long-range models. While the platform will not be completed soon, Hyundai Motor and affiliate Kia plan to roll out small electric sport utility vehicles (SUVs) based on an existing underpinning next year, said Lee Ki-sang, who leads Hyundai-Kia's green cars operations. Hyundai will launch an electric SUV, followed by a sibling model by Kia Motors next year, Lee said, citing strong demand for SUVs. The subcompact or compact models would have a range of more than 300 km (186 miles) per charge, and would be "more competitive" than rival offerings, Lee said. And Hyundai said in a statement on Thursday that it plans to launch a new luxury electric vehicle under its Genesis marque in 2021, after introducing a plug-in hybrid version of an unidentified Genesis model in 2019. The separate platform represents a major push into the battery electric-car segment for a firm which has long trumpeted rival fuel-cell vehicles, reflecting strong investor pressure to compete more vigorously in a market that has been stimulated by U.S.-based Tesla's longer-range models. And tough fuel-economy and emissions regulations in the United States, Europe and China are compelling automakers to push fuel-efficient cars even though low oil prices have undercut demand. Hyundai's electric-car platform would allow the automaker to install a battery pack in vehicle floors to accommodate more battery capacity and maximize cabin space, Lee said. "The electric-vehicle platform will require high up-front investments, but we are doing this to prepare for the future," he said at Hyundai-Kia's green car research center in the city of Yongin, outside Seoul. He did not reveal the cost. Lee, a senior vice-president at Hyundai Motor, was speaking during an interview on the eve of an auto show that kicked off in Seoul on Thursday. Analysts said Hyundai had no choice but to build separate electric-vehicle platforms to be relevant in the segment. "The separate platform may incur losses initially, but Hyundai will be left behind the market if they don't offer long-distance models, like 300 km, 500 km and 600 km," said Ko Tae-bong, an analyst at Hi Investment & Securities.

Hyundai, union reach tentative labor deal

According to Reuters, South Korea's labor unions may have reached a tentative deal with Hyundai following a compromise between the two sides on wages. Workers have staged a number of stoppages since August 20, which have cost the South Korean giant 1.02 trillion won - around $1.1B US. It also represents just over 50,000 units of production. That vehicle total sounds like a lot, but it's a small enough figure that Hyundai can apparently catch up with weekend and overtime shifts. We'd wager that this is why US inventories haven't been hit quite so hard aside from the battering already taking place. The proposal will now go before the union's rank and file.
If ratified, the new agreement will see workers getting a 5.14-percent raise in base salaries, along with 8.5-million-won (roughly $7,800) bonuses. Those concessions are a far cry compared to what the union was initially demanding, though. Early proposals included a 56.25-gram gold medal for each employee (worth about $2,400) and a 10-million won bonus (about $9,100) for employees whose children chose not to attend college. The union also sought a bonus worth two months' salary for workers that have been with the company for over 40 years, but this was negotiated down to a flat rate of six-million won ($5,464).
Based on Reuters' report, the work stoppages must have taken a real toll on Hyundai - its domestic sales dropped 20 percent last month, while exports were down nine percent. Those startling figures must have put some fire under the Hyundai bargaining team.

Best 3rd Row SUVs of 2024

If you plan on using a vehicle's third row a lot, let us at least make the suggestion that a minivan would be a smarter bet than anything you're going to see on this list of best three-row SUVs. Their third rows are bigger, more comfortable and easier to get to. The kids will definitely be happier. Here are our two top choices.  OK, now that that's out of the way, we totally get why minivans are totally depressing and that if the kids want to be happier, they can buy their own darn vehicle. You're buying, you're driving, you're being seen in it and you'd rather have a three-row SUV. Fair enough. Luckily, there are more choices than ever and they're really good. The best do a particularly good job of being family friendly without looking like a drab transportation appliance, although really, you can't go wrong with any of the mainstream three-row SUVs. Now, some of the luxury choices are a bit suspect, including those that are otherwise very appealing but have cramped third-row seats (the Genesis GV80 comes to mind). We're focusing on three-row SUVs here, so having a usable third row is a must.   In this list, we have broken things down into four sub-categories: Best Three-Row Crossover |  Best Full-size Three-Row SUV Best Luxury Three-Row SUV |  Best Flagship Luxury Three-Row SUV Note that we define crossovers as SUVs since most buyers use the terms interchangeably, but acknowledge that "crossover" is literally a vehicle with a car-like unibody structure as opposed to the truck-like, body-on-frame construction that traditionally has defined "SUV." In other words, we consider all crossovers SUVs, but not all SUVs are crossovers (specifically those in the full-size segment and some in the flagship luxury segment). Best Three-Row Crossover SUVs of 2024 2024 Honda Pilot Why it stands out: Exceptional storage and cargo space; unique second-row functionality; refined ride; versatile and capable TrailSport; advanced AWDCould be better: Subpar acceleration with lackadaisical transmission and engine response; so-so driver assistance tech Read our full 2024 Honda Pilot Review The Honda Pilot was completely redesigned for 2023. It maintains its predecessor's family friendly packaging and overall focus, but it has injected a welcome sense of style (especially in the TrailSport pictured above) that makes it stand out much better from the big crossover crowd.