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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.

2015 Hyundai Genesis 5.0 First Drive [w/video]

The original Hyundai Genesis was something of a mixed bag. A great first effort, no doubt, but as with any, well, genesis, there were weak points – the infotainment system and some interior materials, for example. In creating its second-generation model, Hyundai paid plenty of attention to these shortcomings while wisely deciding to retain the most notable of the original model's strengths: its 5.0-liter V8. The 420-horsepower rocket from the former Genesis R-Spec has once again been named the top-flight engine for this updated, 2015 model. Hyundai has comprehensively overhauled its first rear-wheel drive sedan, and while it might use an older – but impressive – engine, the 5.0-liter V8 isn't nearly as big of a story this time around. That's because it's now wrapped inside a far better package, as we found during a week behind the wheel. Hyundai's stylists have matured the Genny, opting for significantly more standout sheet metal in this new iteration. The old car featured a more traditional three-box shape, while the second-gen car is more open about its rear-drive layout, featuring a long hood and a short rear deck that feeds right into an aggressively raked rear window. The upright front fascia, with its broad, crisply styled grille and almond-shaped headlamps is clean and fashionable while still coming off as sort of conservative. Around back, Hyundai maintained some semblance of its old fluidic design, with sweeping, wraparound taillamps, while the V8 model's bumper is home to sporty, staggered quad exhausts. That said, the updates to the exterior are overshadowed by the comprehensive overhaul found in the cabin. The Genesis finally has an interior befitting of its price tag, thanks in large part to the swath of natural-looking matte wood trim on the dash, complemented by aluminum accents. The upper and lower dashes are finished in plastic, but its quality is no better or worse than what you'd find in a German competitor. However, while the cabin certainly feels much better than the last-gen model, there are still a few shortcomings. The "ultra premium" leather is standard on the 5.0's wide, supportive seats, and while it feels very, very nice, we did notice that even with fewer than 8,000 miles on the clock, a regular parade of denim-clad auto journalists has already started to stain the driver's side bottom cushion – something we noted during our year-long test of Hyundai's larger Equus.

For Hyundai, ZEV credit rules are working

The California Air Resources Board (CARB) has been working on its Zero Emission Vehicle (ZEV) plan since the early 1990s, so no one at Hyundai could act surprised when the automaker finally started selling enough vehicles to be affected by the rules around 2012. In fact, the company had lots of time to prepare for being reclassified as an Intermediate Volume automaker and the obligations to sell ZEV vehicles – fuel cell vehicles, electric vehicles, or plug ins – that come with that title. Today, Hyundai has more credits than it needs and no plans to sell them to other, less forward-looking automakers. "We are not in the business of buying or selling ZEV credits." - Mike O'Brien Anyone paying close enough attention will know that Hyundai has been working on hydrogen fuel cell technology since a little before 2000. O'Brien said that Hyundai's fuel cell program "predated regulation for us by more than a decade and a half." That's why the company is in good standing today. In the ZEV marketplace, the value of one ZEV credit is private information between those who sell them and those looking to buy. So, while we don't know how much money Hyundai's extra credits are actually worth, California does publish the credit balances, so we can at least know how many Hyundai has.The most recent seem to be from 2014, which are available here. That's when Hyundai had 896 ZEV credits, 4,825.71 "advanced technology partial zero-emission vehicles" (AT-PZEV) and 6,751.80 PZEV credits, but O'Brien said that, "We are not in the business of buying or selling credits. To my knowledge, there is nobody I know in this company that has investigated either the purchase or sale of ZEV credits." Hyundai Tucson Fuel Cell in BeeZero Hydrogen Carsharing Program View 6 Photos Instead, Hyundai - like many other automakers - is generating its own credits by selling zero-emission vehicles to offset the vehicles it sells that are too dirty in the ZEV credit scheme. And the company's recent expansion of Tucson Fuel Cell sales into Northern California is likely a preview for the vehicle's availability in the Northeast. After all, that's where the next batch of H2 stations is due and O'Brien has said in the past the Hyundai will sell the vehicle where there's fuel. O'Brien said Hyundai is talking to the same hydrogen providers that competitors like Honda and Toyota are talking to (so, FirstElement Fuel), but is not ready to make any announcements about any infrastructure partnerships.