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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 bringing Elantra GT, special edition Veloster to Chicago

Hyundai will be bringing two new products to next week's Chicago Auto Show, a company source confirmed to Autoblog. The first is a freshened version of the Elantra GT – pictured above as a 2014 model – and the other is a special edition of the Veloster hatchback. Our source was mum about specific details, but said that the Elantra GT refresh was simply that – nothing crazy or all-new. In other words, we expect some lightly touched-up styling, and perhaps some improvements to the interior refinement, infotainment and technology, and maybe powertrain. As we reported earlier, the two-door Coupe is no longer part of the Elantra lineup, so these changes might be a way for Hyundai to further differentiate the GT from the sedan. As for that Veloster, it won't be anything revolutionary, either. Hyundai has historically used the Chicago show to debut special editions of the Veloster – take a look at last year's Re:Flex, for example – and we expect the same this time around. Perhaps a new matte paint finish? That's been a popular choice for Veloster Turbo buyers, after all. Whatever may be in store, we'll have the full scoop next week during the Chicago festivities. Stay tuned. Related Video: Featured Gallery 2014 Hyundai Elantra GT View 21 Photos Chicago Auto Show Hyundai Hatchback Economy Cars hyundai elantra gt

The 2017 Hyundai Ioniq Hybrid starts at $23,035

Good news, green-car fans: The Hyundai Ioniq Hybrid starts at $23,035. That means it not only manages better fuel mileage than the segment-leading Toyota Prius, it's also around $2,000 less expensive. Or, for $30,035, an Ioniq buyer can choose to go full electric, cutting the gasoline umbilical cord entirely. The Hyundai Ioniq Hybrid scores an EPA-estimated fuel mileage rating of 58 miles per gallon combined in its least-expensive Blue trim level. Stepping up to the SEL trim will add an extra layer of luxury goodies for $24,785, and the top-level Limited model will cost $28,335. Those two models earn EPA ratings of 55 mpg combined, which is still better than the 52 mpg combined estimate for the Prius. Hyundai's Ioniq Electric is the most efficient vehicle sold in America, with an EPA-rated MPGe (miles per gallon equivalency) of 136. Its range, though, is only 124 miles, which will certainly limit its usability for some potential buyers. We've heard that an updated Ioniq Electric will come by 2018 with a range of over 200 miles, which would allow it to properly compete with the Chevy Bolt and upcoming Tesla Model 3. Toyota doesn't currently off a fully electric Prius, though the $27,985 Prius Prime does get a plug for extended EV-only driving. Hyundai has yet to announce a price for the plug-in hybrid version of its Ioniq hatchback, though we do know it will travel up to 31 miles on electricity alone. Related Video: