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Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

Hyundai Nexo revealed at CES: Hydrogen SUV finally gets a name, more photos

Hyundai Nexo, that's the name of the fuel-cell electric vehicle to succeed the Tucson FCEV. Built on a dedicated platform instead of using a converted ICE architecture, as the Tucson did, the Nexo packs a lighter, more compact hydrogen powertrain and a more powerful electric motor to deliver improved performance everywhere. The Nexo also plays a key role in Hyundai's "Hydrogen Life Vision," which aims at integrating hydrogen as a home energy source. The power density of the Nexo's stack increases by 50 percent, and overall system efficiency goes up 5.1 percent. The smaller engine contains fewer moving parts, and even the hydrogen tanks are 36 pounds lighter than those in the Tucson FCEV. View 11 Photos The Tucson FCEV uses a 100-kW electric motor that provides 221-pound-feet of torque, and after the 90-second preparation and stack heating time on startup, the Tucson accelerates from zero to 60 miles per hour in 12.5 seconds. The Tucson's two storage tanks held 140 liters of hydrogen (37 gallons) that could provide about 295 miles of range and an EPA rating of 50 mpge. The Nexo uses a 120-kW motor with 291 lb-ft, is ready to go in 30 seconds after starting, and accelerates to 60 mph in 9.9 seconds. The new FCEV's three storage tanks hold 156 liters of hydrogen (42 gallons), which Hyundai says are good for more than 350 miles on the EPA test cycle. In a real-world run from Los Angeles to Las Vegas, Hyundai said the Nexo returned a 360-mile range and 57 mpge. Refilling the 700-bar system will take five minutes. The Nexo will introduce some of the carmaker's new technology, too. Lane Following Assist keeps the Nexo in the center of its lane in the city and on the highway, and recognizes road edges when lane markings aren't clear. Blind-spot View Monitor displays an image of either side of the vehicle when the driver plans to change lanes. The Nexo parks itself autonomously, and returns, with Remote Smart Parking Assistant Hyundai envisions owners of this second-generation FCEV beginning to use the Nexo as an integral part of their lives, not merely as an appliance. At the Consumer Electronics Show, Hyundai will have the Nexo hooked up and providing power to a demo household as part of the automaker's "Hydrogen Life Vision." The carmaker's also got plans for using the Nexo's "pure water to grow vegetation" (water and water vapor are the only emissions byproduct of FCEVs).

Hyundai pulls motorsports in US, parts ways with Rhys Millen Racing

Automakers don't necessarily undertake racing programs in proportion to their size. A company like Ferrari or McLaren, for example, may be small, but their racing programs are huge. The inverse could be said of a company like Hyundai, which has grown to rank among the largest automakers in the world, but has traditionally maintained a relatively short reach when it comes to racing. And now it's getting even smaller as the company is shutting down its entire motorsport program in the United States. Not that the program was that big to begin with in the first place. Although Hyundai recently launched a factory effort in the World Rally Championship, in North America its competition activities revolved essentially around Rhys Millen Racing, the California-based outfit with which the Korean automaker has tackled Pikes Peak, Formula Drift and the Global RallyCross Series – the latter of which Millen describes as "arguably the fastest most exciting form of racing to hit the US in years." But now Millen has announced that Hyundai has withdrawn from their partnership that has stood for six years. Without support from the automaker, Rhys Millen is putting up his Hyundais for sale or rental to any privateer team interested in getting in on the RallyCross action, while the team looks for a new partner with which to move forward. As for Hyundai, it seems the automaker may have stretched its motorsport budget a little thin with the WRC effort, on which it will now apparently rely to establish its racing cred. We reached out to Hyundai for clarification on its future motorsport plans in America, but representatives weren't immediately available for comment. We will update this story when and if we hear back.