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Hyundai, Kia looking to cut costs

Hyundai and Kia are off to roaring starts in the United States this year, underscored by Kia's best sales month ever in May. But globally the situation for the South Korean siblings hasn't been nearly so positive. Recently, they reported their fourth consecutive quarter of decreasing operating profits worldwide, and now they're "making efforts to cut costs," according to a statement in a joint email obtained by Bloomberg. However, the companies aren't detailing where they would make the cuts or how much they want to save. The amount could be significant, though. An unnamed Hyundai senior executive reportedly told a South Korean newspaper that the business might be aiming for up to 30 percent in reductions. According to Bloomberg, Hyundai and Kia are facing falling total sales worldwide. Making the situation worse is that the strong Korean won versus the weaker Japanese yen gives competitors an advantage. The automakers also angered investors enough last year to prompt a stock buyback after paying $10 billion for the land for a future headquarters. The prognosis doesn't look utterly dire, though, and new products are on the way. For example, the Hyundai Santa Fe is being refreshed in South Korea, and the next-gen Elantra debuts at this year's Los Angeles Auto Show. There's also the Creta on the way for foreign markets. Additionally, several models are still awaiting the green light, including a Hyundai Genesis-based luxury crossover, a compact CUV, and the Santa Cruz unibody pickup. Meanwhile, the Kia GT is reportedly close to production, too. Related Video:

Recharge Wrap-up: Alguersuari out for Formula E season 2, hydrogen range test video

A pair of hydrogen proponents drove a Hyundai Tucson Fuel Cell 1,480.73 miles in 24 hours. Arnt-Goran Hartvig and Marius Bornstein, nicknamed The Viking and The Scientist, drove a 186-mile route in Germany repeatedly as many times as they could over the course of a full day to set the distance record. The advantage of short refueling times for the hydrogen vehicle helped the duo spend more time on the road. See the video above, and read more from Hybrid Cars. Jaime Alguersuari will miss the second season of Formula E. His license was suspended after fainting at the end of the Moscow ePrix, and he is still waiting for a diagnosis. "During the month of July I underwent several tests for which there has not been a medical resolution and I am still waiting for the final diagnosis," says Alguersuari. "For this reason I need to announce that, unfortunately, I will not be able to take part in the FIA Formula E Championship for the 2015/16 season with my team DS Virgin Racing." The former Formula 1 driver will make an announcement about his future in September. Read more at Autosport. Jeb Bush has come out against the Renewable Fuel Standard. In an interview in an Iowa Falls Dairy Queen, the Republican presidential hopeful gave his opinion about the ethanol mandate. "The best way to get to energy security, in my mind, is letting the markets work," says Bush. "So the RFS has had great success, and over a period of time I think it has to be phased out." Ditching the ethanol mandate could hurt Bush in the important corn-growing state of Iowa, though he thinks his record as Florida governor will help his status with voters. Read more at Grist, and from KCCI.

Electric Hyundai Kona crossover to have Bolt-beating 292-mile range

An all-electric Hyundai Kona will be revealed at the Geneva Motor Show next month, but we already know a few intriguing details about the electric version of the subcompact SUV we've had a brief chance to drive. According to Hyundai's press release, the Kona EV will be available with two powertrain choices, including "one of the most powerful electric engines on the market with a class-leading range of almost 470 kilometers." That would be 292 miles. That's using the WLTP standard, or Worldwide harmonized Light vehicles Test Procedures, which currently lists the Chevrolet Bolt as achieving 240 miles of range (versus 238 with the EPA). In other words, the electric Kona could be the new non-Tesla range king — the Model 3 Long-Range model is rated at an EPA-estimated 310 miles, and the Model S 100D is at 335. By comparison, the Hyundai Ioniq Electric is rated at only 124 miles. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. It is important to note, however, that this release was from Hyundai of Europe, so we cannot confirm that we'll be getting an electric Kona in the United States. Given those potential range figures and the popularity of SUVs, it would be surprising if we didn't. We'll know more when more details are announced Feb. 27 ahead of its Geneva unveil the following week. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Geneva Motor Show Hyundai Crossover SUV Electric Future Vehicles 2018 Geneva Motor Show hyundai kona