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Hyundai sees tough year ahead, plans to introduce 13 new models

SEOUL — South Korea's Hyundai Motor Group predicted another year of tepid car sales growth on the back of a slow 2018, saying trade protectionism adds uncertainty and major markets such as the United States and China remained sluggish. In his first New Year address to employees, group heir apparent Euisun Chung said Hyundai Motor Co and Kia Motors would complete a restructuring of South Korea's second-biggest conglomerate, which is widely expected to pave the way for him to formally succeed his octogenarian father as head of the group. The complicated succession plans come as Hyundai contends with a bunch of problems that have cost it market share in China and the United States and stalled its rise up the ranks of global automakers. It missed a boom in sports utility vehicles (SUVs), faces potential U.S. tariffs and a U.S. investigation over how it handled a vehicle recall, and lost ground in technological advances such as self-driving cars. "Business uncertainties are heightening as the global economy continues to falter. Walls of protectionism are being constructed around the world," Chung, 48, told hundreds of employees at the group's headquarters in Seoul. "Internally, we face challenging tasks such as stabilizing business in major markets like the U.S. and China, while simultaneously enhancing our responsiveness to drive future growth." Hyundai and Kia — together the world's fifth-biggest automaker — set what they called a "conservative target" of 7.6 million vehicle sales in 2019, a 3 percent increase from the 7.399 million vehicles sold last year. The 2018 sales fell short of the group's target of 7.55 million vehicles, marking its fourth consecutive annual sales goal miss. The duo sold 7.25 million vehicles in 2017. Morgan Stanley expects global auto production to fall 1 percent in 2019, the first drop in nine years. In that environment, the group said it would launch 13 new or face-lifted models in 2019, including a premium Genesis SUV, the big Hyundai Palisade SUV and the Sonata sedan. "Hyundai will be launching new models, but competitors will be also doing so, making it difficult for Hyundai to increase shares in the sluggish markets in China, U.S. and Europe," said Sean Kim, an analyst at Dongbu Securities. Hyundai shares ended down 3.8 percent and Kia slumped 2.7 percent, while the wider market <.KS11> was down 1.5 percent.

Weekly Recap For 7.29.16 | Autoblog Minute

A recap of the week in automotive news, including the latest video of Acura's NSX GT3, and the IIHS' most recent Top Safety Pick+ award recipient. Acura Hyundai Autoblog Minute Videos Original Video autos gt3 recap acura nsx gt3

Autoblog sell-it-yourself highlight: 2012 Hyundai Genesis

It was a business model established some 25 years earlier by Honda. The Japanese carmarker was looking for a way to profit from loyal Honda owners wanting to move upscale, but not willing to move out of Honda's orbit. The launch of Acura and two models – the upscale Legend and accessible Integra – did the trick. In the past five years, Korean carmaker Hyundai has been attempting to make its own move upmarket with its Genesis sedan and, more recently, the Genesis brand. In 2012, it was the Genesis coupe and 4-door; the coupe enjoyed an Infiniti-like vibe, while the sedan had a whiff of Mercedes in its sheetmetal and value in its window sticker. Available with V6 or V8 power and prices in the low $40s to low $50s, the Genesis four-door represented bargain luxury in an America gripped by recession. Today, a pre-owned Genesis, like our example here, extends the value argument. If this Genesis has a V8, the price point is spot-on for an example in excellent condition. If, however, it's equipped with a V6, we'd hope the seller is flexible. Related Video: Hyundai Car Buying Used Car Buying Ownership Sedan