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Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.

Hyundai beefs up HB20 R-Spec in Brazil

If you've been following the news from the Sao Paulo Motor Show, you'll likely have seen not only a series of new concept cars, but also a whole mess of production vehicles you never knew existed because they were developed specifically for the Latin American market. One of them is the Hyundai HB20.
Hyundai Brasil makes the HB20 in Sao Paulo for local consumption in three forms: there's the HB20 hatchback, HB20S sedan and HB20X crossover. It's the former which it has transformed into the R-Spec concept you see here.
Decked out in matte blue, the HB20 R-Spec concept packs an aggressively upgraded aero kit, extra cooling ducts, 17-inch alloys, LED headlights and an interior with leather trim and striped seats. Even if we don't know what's under the hood, it all looks pretty convincing, and makes us wish Hyundai would offer it Stateside as part of the Accent family with which it shares its underpinnings.

Minivans and hybrids shopped by men and women equally

Men love fast, exotic cars, and women want something safe and practical – at least that is the way conventional thinking goes. But a new study challenges these old beliefs. According to the auto information aggregators at iSeeCars, both sexes shop for minivans and hybrids equally. The study also dug deeper into the different browsing habits between genders. For instance, women are twice as likely to shop for Kia and 67 percent more likely to shop for Hyundai. Men are seven percent more likely to buy American cars. Both sexes shop the German brands equally. It seems that men might be slightly greener in their shopping because they are twice as likely to browse electric cars and two and a half times more likely to look at diesels. Still, the old stereotype of men wanting a more performance-oriented car is not entirely false. They also are more likely to look at cars that cost over $45,000, and men are still more likely to buy a sports car. "Men like fast, flashy cars. They are performance oriented, even if they have to shell out more money," Phong Ly, cofounder and CEO of iSeeCars, said in an interview with CBS MoneyWatch. "Women are looking for the best value." The iSeeCars study got its data directly from dealers and online sellers like eBay Motors, then determined sex based on first name and excluded gender-neutral names. What it shows is that even if men might like browsing for fast cars, practicality and economy win out in the end. It's still fun to look, though. News Source: iSeeCars via CBS News MoneyWatchImage Credit: Shutterstock / Deklofenak Hyundai Kia Car Buying Minivan/Van Electric Hybrid