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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.

Korea's sport compact | 2017 Hyundai Elantra Sport First Drive

When we drove the then all-new 2017 Hyundai Elantra earlier this year, we came away impressed but slightly bored. There is nothing fundamentally flawed with the compact sedan, but there also is nothing about the car that gets our blood pumping. The new Elantra is an affordable and reasonably well-equipped people mover. It's an improvement over its predecessor, but the driving experience leaves us indifferent. Hyundai was aware of this from the outset. The product plan includes the Sport model you see here, intended to inject some life into what is otherwise a rather milquetoast car. On paper, everything looks good and all of the right boxes are checked, including more power and a tighter suspension. Hyundai was clear that this is far more than just an appearance package like the previous generation's Sport trim. As such, the new Elantra Sport is fitted with a 201-horsepower, 1.6-liter turbocharged engine mated to either a six-speed manual or a seven-speed dual clutch automatic. A revised suspension replaces the standard torsion-beam rear axle with a fully independent multi-link rear setup, paired with bigger brakes, wheels, and tires. Other accoutrements, like sport seats and a flat-bottomed steering wheel, are also included. Check, check, check. The Elantra Sport with a manual transmission starts at $21,650 before destination and, sitting just below the top-of-the-range Limited model, comes very well equipped for the price. Heated leather seats are standard, as are HID headlights, keyless entry and ignition, and a seven-inch touchscreen display with Apple CarPlay and Android Auto. That's a lot of equipment for a car in this size and price range. The only option on both the manual and paddle-shifted DCT model (that one starts at $22,750) is the $2,400 Premium Package. It adds an extra inch to the display, navigation, an eight-speaker Infinity sound system, Hyundai's Blue Link connectivity, a sunroof, blind-spot monitoring, rear cross-traffic alert, dual automatic climate control with an auto defogger, and an auto-dimming rearview mirror with HomeLink and a compass. Lots of checks in lots of boxes at a reasonable price point and a long warranty has been Hyundai's modus operandi for a while now, and that's fine for most of its models. It's the case with the non-Sport Elantra, which is packed with features but otherwise makes us shrug. The Sport may not be a revolution, but it is a lot of fun to drive.

Hyundai developing safety system calibrated for 'secondary impacts'

There is an inherent flaw with how traditional airbags are used and deployed: They can only reply to one impact. The Hyundai Motor Group wants to address this with a new "multi-collision airbag system" that focuses on impacts that occur after the first point of contact. Hyundai defines multi-collision accidents as "those in which the primary impact is followed by collisions with secondary objects, such as trees, electrical posts or other vehicles." In a press release, Hyundai noted that about 30 percent of roughly 56,000 accidents between 2000 and 2012 in North America involved these types of multi-collisions, according to the National Highway Traffic Safety Administration (NHTSA)'s National Automotive Sampling System Crashworthiness Data System division. The airbag systems in today's cars don't always go off when the first accident occurs, and when a car goes through a secondary impact, the airbags may no longer provide the best safety. Hyundai's new system can read the positions of the car's occupants and react in a more beneficial way. It can quickly recalibrate after the first impact based on readings from the vehicle and the people inside, which allows the second part of the crash to trigger the airbags. As of now the system is still in development, but Hyundai Motor Group is planning to use it in both Kia and Hyundai vehicles in the future. Which models and which markets it will apply to first are yet to be determined. Related Video: