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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.

LeBron James to rep Kia K900

"I was a Kia K900 driver and fan before we decided to become partners, so I'm really excited to be Kia's first-ever luxury ambassador." - LeBron James
LeBron James is taking his talents to Kia.

Kia previews new minivan ahead of New York debut

Kia has grown by leaps and bounds in recent years, but the Sedona has hardly been representative of that maturation. Known in some overseas markets as the Carnival, Kia's current minivan was introduced 2006, withdrawn from US showrooms at the end of 2012, then reintroduced again a year ago. Despite the product renaissance, however, the Sedona is essentially the same dated vehicle it has been for eight years now, but Kia is intent on replacing it.
We've been seeing spy shots of a new Kia minivan for several months now, and broke word a couple of months ago that the finished product would be unveiled in New York this month. Now Kia has not only confirmed the new Sedona's imminent arrival, it has released this teaser image to keep us on our toes.
The teaser shows a vehicle more or less in line with what we'd expect of a modern Kia, tabbed grille and all. This view suggests fewer design cues from the KV7 concept have been carried over than was previously thought, but we'll need to see the entire vehicle to know for sure. Kia isn't saying much about its "all-new midsize multi-purpose vehicle" in the press release below at this point, revealing only that it "will challenge the segment and will offer the functionality to transport as many as eight passengers and their belongings while also serving as a purposeful offering for adventure seekers."