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Hyundai Motor plans 17 EVs, $16B investment by 2030

SEOUL — South Korea's Hyundai Motor Co said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses. It also said it plans to introduce 17 EVs in that timeframe, six from Genesis and 11 from the Hyundai brand. Hyundai announced that three of those EVs would be sedans, along with six SUVs, a light commercial vehicle and one new type of model. It will begin sales of the Ioniq 6 later this year, followed by the Ioniq 7 in 2024. Hyundai Motor, which together with affiliate Kia Corp is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day. The Seoul-based automaker said it aimed to achieve an operating profit margin of 10% or higher in EV business by 2030. "Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic," Hyundai Motor Chief Executive Officer Jaehoon Chang said. Analysts, however said Hyundai's $16 billion investment in EV business would not be considered an "aggressive" approach compared to its rivals, adding, the investment is easily dwarfed by bigger rivals including Toyota Motor Corp, which plans to invest 8 trillion yen ($69.43 billion) for electrification by 2030. "Hyundai is allocating about 20% of its 95.5 trillion won investment to EV related businesses, which includes building new plants, EV charging stations and strategic alliances with battery manufacturers and the investment amount for EV does not seem too surprising or aggressive," said Eugene Investment & Securities analyst Lee Jae-il. Chang said Hyundai was considering building new dedicated EV production plants without proving details of new factories, including locations and timeline. Analysts said Hyundai would be eying on building dedicated EV factories in the United States, as it considers that as its key EV market. Shares in Hyundai Motor closed down 2.6%, compared to the benchmark KOSPI's 0.2% gain. ($1 = 1,205.2600 won) ($1 = 115.2300 yen) (Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Rashmi Aich) Related video: This content is hosted by a third party.

First Hyundai N car coming to US in 2018, and we think we know what it is

SEOUL, South Korea - At the worldwide debut for the all-new Hyundai Kona compact crossover in South Korea, a group of journalists was given a sneak peek at Hyundai's new N performance car division. The group, led by Albert Biermann, has been tasked with giving Hyundai a performance image beyond the occasional car like the Genesis coupe or Veloster Turbo. Its first project, the i30 N, is nearly complete. Unfortunately, it's not coming to the US, though we will be getting our very own N car sometime next year. Now, Biermann and Hyundai will not say what that car is, but all signs point to the Veloster. Hyundai won't comment on future products, but we saw at least three distinct versions of the Veloster testing at Namyang during our visit. There was a standard model with center-mounted trapezoidal exhaust tips. There was a turbo-badged model with two round center-mounted exhaust tips. Finally, we saw what is surely the N model. This had a hidden N badge in the grille (in the same place as the i30 Ns that we saw) and exhaust tips that were pushed to the corners of the bumper. We weren't allowed to take photos of anything, but the new Veloster has the same basic asymmetric shape as before, as seen in some spy photos. The interior looks to be similar to the i30, with a floating infotainment display and a clean and simple layout. Unfortunately, most of the exterior was still covered in camouflage. Despite the parade of cars, there was nothing on the exterior that we haven't seen in spy photos. Other details are scarce, but look for the turbo model to retain the 1.6-liter turbocharged inline four, good for at least 200 horsepower. That should give the N model plenty of breathing room. We believe it will get the same engine as the i30 N, meaning a 2.0-liter turbocharged inline-four making at least 250 horsepower, possibly more. While we didn't get a chance to drive the i30 N, the cars made all the right noises when blasting about. According to Biermann, it was the sound of tuned Hondas and Kias blasting about Hyundai's R&D facility that really kicked things off with N. Engineers were buying other cars since there wasn't much on offer. Hyundai wanted to give people cars they could track and tune and be just as fast as the competition. We have high hopes for both the Veloster N and the N division as a whole. Biermann was formerly the vice president of engineering for BMW's M division and was in charge of the development of the M3, M4, and M6.

Hyundai Santa Cruz pickup with four doors, five seats, due around 2020

You could boil three years of coverage on the Hyundai Santa Cruz pickup to a question mark. The "crossover truck" debuted at the 2015 Detroit Auto Show, then got swallowed in the executive turmoil at Hyundai Motor America. Reuters reported last year that the Santa Cruz would finally arrive by 2020 as part of the South Korean carmaker's push into SUVs. Motor Trend recently spoke to Brian Smith, the COO at HMA, and got a crucial detail on the eventual truck. Forget about the sleek, two-door concept from Detroit — the actual item will be a "four-door ... that seats five." The redesigned Hyundai Tucson is also due in 2020, the compact crossover providing the platform for the Santa Cruz. If connecting the dots is really this simple, it mean's we'll be getting Hyundai's version of the Honda Ridgeline, the only unibody compact pickup on sale in the U.S. at the moment. And that makes us wonder how the Santa Cruz will fare whenever it gets here. Anyone who wanted to put money down on something similar to the highly popular concept has been booted from the game. They've been replaced by those who can be lured by an alternative to the Ridgeline, but the questions are how many buyers is that, and will the production Santa Cruz be the right truck to close the deal? In 2016, then-CEO Dave Zuchowski said Hyundai research showed the possibility of moving at least 50,000 pickups a year, and other studies suggested 70,000 sales could be possible. Even at the low end, that suggests a remarkable pent-up demand for the kind of truck that's never succeeded in the U.S. The Ridgeline sold 34,749 units in 2017, and numbers are down nearly 30 percent down so far this year. Meanwhile, the body-on-frame (BOF) GMC Canyon sold 32,106 units last year, and it was merely piggybacking on the Chevrolet Colorado, which did 112,996 sales. Even the BOF Nissan Frontier, last refreshed during the Bronze Age, sold 74,360 models. What's more, by the time the Santa Cruz gets here, the new BOF Ford Ranger will revel in actual pent-up demand, and the really cool kids will still be cooing over their new BOF Jeep Wrangler pickup. Looking back at the Ridgeline space, we await word from Volkswagen on the fate of the Tanoak concept. Hyundai could choose to take a stand in the unibody pickup segment on price; the Ridgeline whips up its own headwinds by charging $8,000 more than a Canyon, $11,000 more than a Frontier. Still, a Tucson with a bed, that is two years away ...