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Hyundai Motor shares slide following U.S. probe of airbag failures

SEOUL — Shares in Hyundai Motor tumbled on Monday on a U.S. probe into why airbags failed to deploy in some of its Sonata sedans, with investors fretting about potential recall costs for the once popular cars. The probe, which follows crashes that reportedly killed four people and left six injured, will review the 2011 Sonata sedan as well as the 2012-2013 Forte made by affiliate Kia Motors, encompassing some 425,000 vehicles. It marks the second investigation by the U.S. National Highway Traffic Safety Administration into the South Korean duo in less than one year, exacerbating headaches for Hyundai which reported in January its worst annual earnings in seven years. Hyundai has issued a recall for more than 150,000 U.S. Sonatas after incidents of non-deployment were linked to electrical overstress in the airbag control unit, but said it did not have a final fix. "What I am concerned about is that the recall will be expanded to other markets," said Ko Tae-bong, an analyst at Hi Investment & Securities. The Sonata and Forte sedans were responsible for driving sales for Hyundai and Kia in key markets in recent years, although they are no longer as popular as they once were. Ko estimated the U.S. recall could cost as much as $575 million if airbags were replaced in 425,000 vehicles under review and the automakers were found responsible for the problem. Hyundai Motor shares tumbled 4.8 percent while Kia Motors lost 3.7 percent. Parts supplier Hyundai Mobis fell 5.4 percent while the broader market was down 0.7 percent. Hyundai declined to comment on whether the recall would be expanded. Kia said it has not confirmed problems with the airbags but added it would "act promptly to conduct a safety recall, if it determines that a recall would be appropriate." The automakers told the South Korean regulator that the Sonata and Forte models sold in the domestic market were not affected, an official at South Korea's transport ministry told Reuters. The U.S. regulator said the airbag control units were built by ZF Friedrichshafen-TRW, a German auto supplier that acquired TRW Automotive in 2015, adding that it would determine if any other manufacturers used similar airbag control units and if they posed a safety risk. The NHTSA also said that electrical overstress appeared to be the root cause in the 2016 recall by Fiat Chrysler America of 1.4 million U.S. vehicles for airbag non-deployments in significant frontal crashes.

2017 Hyundai Santa Fe and Sport reveal facelifts in Chicago

Hyundai needs crossovers. With the national average cost of gas at just $1.71 as of this writing, (short-sighted) consumers are charging back to dealers demanding new high riders. That's bad news for car-heavy manufacturers like Hyundai, and good news for brands that have embraced CUVs, like Subaru. Consider this: Hyundai sold 181,725 crossovers from its roughly 800 dealers in 2015. In that same period, the Subaru Forester alone racked up 175,192 sales, and that's with a dealership network 25 percent smaller than Hyundai's. At the 2016 Chicago Auto Show, Hyundai is showing off updated versions of its two-tier Santa Fe range. There's a new, more pronounced and rectangular grille; sharper, less organic headlights, and LED running lamps in front. But there are also a bunch of new gizmos and gadgets that Hyundai expects to elevate the Santa Fe's safety rating. A backup camera is now standard and you can now snag adaptive cruise control with a stop-start mode. There's also a raft of new safety features, including lane departure warning, automatic high beam assist, and auto emergency braking with pedestrian detection. It's partially because of that last item that Hyundai thinks the new Santa Fe will score an IIHS Top Safety Pick+ rating. The company hasn't explained what changes will allow it to improve on 2016's Moderate rating in the small-overlap test, though. But if Hyundai is correct, it'd be a serious coup – the Santa Fe hasn't been honored by the IIHS since its redesign for model year 2013. It'd also put the Santa Fe in a rarefied class of ultra-safe mid-size CUVs. Only the Honda Pilot and Nissan Murano have scored TSP+ ratings. Prices increase by $400 on naturally aspirated models and $450 for the top-of-the-line turbocharged trims. The new Santa Fe is arriving at dealers now. View 12 Photos 2017 HYUNDAI SANTA FE LINE-UP FEATURES ENHANCED DESIGN, INFOTAINMENT, LED LIGHTING, CONVENIENCE AND SAFETY Comprehensive Product Improvements Combine to make New Models even more Appealing in every Facet of the Ownership Experience CHICAGO, Feb. 11, 2016 – The award-winning Hyundai Santa Fe lineup continues to dramatically improve for the 2017 model year. The improvements span everything from fresh exterior design and LED lighting signatures to additional infotainment, convenience and safety technologies and new Drive Mode selection with Sport, Eco and Normal settings.

Hyundai preparing to enter US commercial vehicle market

The commercial van segment has been surprisingly hot in the US over the past few years with new or updated entries from Ford, Nissan, Mercedes-Benz and Ram. Now, it looks like we can add one more to that lineup because Hyundai plans to enter the market here, too. The decision is part of the brand's newly announced push into the commercial vehicle segment worldwide, according to Reuters. Hyundai intends to invest 2 trillion South Korean won ($1.8 billion) into the venture through 2020, and the Korean automaker expects the segment to grow by 30 percent annually worldwide over the next five years. Around 1.6 trillion won ($1.5 billion) of that goes towards development of new models and engines for the division. Another $363 million is for expansion of the company's Jeon-ju plant to build 100,000 units there each year. According to Reuters, there's no set timeline on the US introduction of these models yet. Hyundai already sells commercial vehicles in Korea and China but holds just 2.1 percent of the global market in the segment. Autoblog reached out to Hyundai Motor America to learn more, but company spokesperson Jim Trainor said via email, "It is too early to provide any more details concerning the sale of commercial vehicles in the US market." The company is already setting it sights on the European commercial segment with the HG350 (pictured above). It's offered as either a cargo van or flatbed and is meant to compete against market stalwarts like the Ford Transit and Mercedes Sprinter. Rather than this vehicle, the US might get one of Hyundai's newly developed models, though. The automaker previously suggested to Autoblog that it wasn't "seriously considering" the HG350 for this market, at least at that time. Hyundai Motor Plans to increase Jeon-ju Commercial Vehicle Plant capacity to 100,000 units • Hyundai Motor to invest KRW 2 trillion on commercial vehicle development and production until 2020 • New Pilot Center, Global Training Center expected in Jeon-ju plant • 1,000 new jobs to be created following the increased capacity February 16, 2015 – Hyundai Motor announced today that it will invest KRW 2 trillion over the next six years to enhance its global commercial vehicle competitiveness. KRW 1.6 trillion will be invested on developing new models and engines to strengthen global commercial vehicle competitiveness.