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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.

Driving a 1988 BMW M5 and the 2022 Volvo C40 Recharge | Autoblog Podcast #722

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. Some cars old and new here, with reviews of the 1988 BMW M5, 2022 Volvo C40 Recharge and 2021 Hyundai Palisade. In the news, Maserati revealed the 2023 Grecale SUV with a 523-hp twin-turbo V6. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #722 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 1988 BMW M5 2022 Volvo C40 Recharge Long-term 2021 Hyundai Palisade 2023 Maserati Grecale revealed Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Volvo introduces 2022 C40 Recharge crossover

2019 Hyundai Kona Electric gets 250-mile range rating in the U.S.

Let's get the most salient details out of the way: The Hyundai Kona Electric will show up in California in the fourth quarter of 2018, and other "ZEV-focused states" will soon follow. We'd expect to see the Kona EV in dealerships along the East and West Coasts and in New England in early 2019. It'll have an estimated range of 250 miles from its 64 kWh lithium ion battery pack. Its electric motor sends 201 horsepower and 291 pound-feet of torque to the front wheels. Other markets get a lower-cost, entry-level model with less power and range, but the U.S. will only get this lone range-topping version. View 15 Photos Those specs put the U.S. Kona EV squarely into the thick of the burgeoning electric vehicle market, where it will compete with cars like the Chevy Bolt EV (238-mile range) and Tesla Model 3 (up to 220-mile range). The Nissan Leaf has a much lower 151-mile range. The Kona EV can be fully charged at Level 2 in in a little less than 10 hours. DC fast charging capability is standard on the Kona, and it can go from zero to an 80 percent charge in less than an hour. Cargo capacity stands at 19.2 cubic-feet, which is identical to the gas-powered Kona. The EV also benefits from a standard multi-link rear suspension setup in place of the standard gas-powered, front-wheel-drive model's low-tech torsion beam system. Normal, Eco, and Sport drive modes alter the steering feel and powertrain programming to either emphasize acceleration and performance or maximize range. Hyundai didn't make sweeping changes to the look of the standard Kona in its conversion into an electric vehicle. The helmet-shaped grille of the standard car gives way to a more aerodynamically efficient design with lightly debossed slashes and dashes. The door covering the charging port is also housed in the grille. Split lighting units remain front and rear, and thick plastic cladding lends a utilitarian look to the lifted hatchback profile. It doesn't scream 'electric vehicle' like the Toyota Prius or Hyundai's own Ionic, but differs sufficiently from the gas-powered Kona to make it easy to spot on the road. The rest of the Kona EV package is well-sorted for daily driving duties. A full suite of active and passive safety systems come standard as part of the Hyundai Smart Sense package, including forward collision avoidance with pedestrian detection, rear cross-traffic collision avoidance, blind-spot warning, and lane-keeping assist.