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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.

The world's first fuel cell car sharing program launches in Germany

As EVs become increasingly mainstream, they seem to have found a natural home in carsharing services. BlueIndy has left its mark on Indianapolis, Ford has been testing its own EV sharing programs, Japan and China have seen their share of programs pop up, electric carsharing is helping low-income neighborhoods in Los Angeles, and more models continue to emerge. On the flip side, Car2go made news recently when it pulled EVs from its fleet in San Diego. Absent from the carsharing scene, though, have been hydrogen fuel cell vehicles. But even that is changing. In Munich, Germany, industrial gases company (think hydrogen) Linde has launched BeeZero, a carsharing service comprised completely of fuel cell vehicles. The fleet is made up of Hyundai Tucson Fuel Cell crossovers (called the ix35 Fuel Cell in Europe). It's the first hydrogen-powered carsharing service in the world, and Bavaria just happens to be a hub for hydrogen research and technology. Beezero, a new subsidiary of Linde, begins public service this summer with a fleet of 50 Tucson Fuel Cells. It offers users on-demand access to zero-emissions driving, but without the range limitations of battery electric vehicles. These H2-powered Hyundais can travel over 370 miles on a single tank, offering more flexibility to travel to the surrounding areas. If users want to visit the nearby lakes or mountains, they'll also have room to cart their gear with them. Drivers will be able to reserve a car online or through a smartphone app, and vehicles will be available in various zones in and around the city of Munich. As for the hydrogen used to fuel the fleet, Linde creates it from sustainable sources, promising carbon-neutral voyages. While the public gets access to hydrogen-powered mobility, Linde gets to learn from the experience. "We expect to gain valuable information from day-to-day fleet operations which we will use to further develop our hydrogen technologies and to help expand the hydrogen infrastructure," says Linde Executive Board member Dr. Christian Bruch. "BeeZero synergises two mobility trends that are gaining a lot of ground at the moment – car sharing and zero emissions – and will bring the benefits of fuel cell technology to a wider group of potential users." Read more in the press release below.

2015 Hyundai Sonata Eco nets 38 mpg from 1.6L turbo, 7-speed DCT

The wholly renewed 2015 Hyundai Sonata is on the verge of launching here in the United States, but it appears there's a bit more to the story first told at the New York Auto Show earlier this year. Hyundai has just revealed the first images and details of the Sonata Eco, a new entry in its midsize sedan lineup that combines a small, turbocharged engine and dual-clutch transmission to achieve an estimated 28 miles per gallon in the city and 38 mpg highway.
That new powertrain is Hyundai's 1.6-liter turbocharged inline-four, rated at 177 horsepower and 195 pound-feet of torque. That power is sent through a new, seven-speed dual-clutch 'box - the first gearbox of its type in the segment. Hyundai points out that the Sonata Eco's 32 mpg combined rating offers a 10 percent improvement over the 2015 Sonata SE with its 2.4-liter naturally aspirated inline-four.
38 mpg highway is pretty impressive, especially considering rivals like Toyota's electrified Camry Hybrid musters up only one better, with 39 mpg on the highway (though its 43 mpg city fuel economy is, obviously, much better). And while Hyundai still has not detailed news about a next-generation Sonata Hybrid, we've heard the company is still committed to offering one.