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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

Hyundai and Gurnade build a mildly wild Veloster Turbo

Update: We received some work-in-progress photos from Gurnade, Inc. of the Veloster Turbo, which can be seen in the gallery above. Hyundai revealed the third custom machine that will grace its display at the SEMA Show this year. It's a Veloster Turbo that Hyundai describes as "race-ready," and was built in collaboration with Gurnade, Inc., a design company that does graphic and website design and automotive renders. As far as making it race-ready, Hyundai and Gurnade gave this Veloster a new intercooler, downpipe, cold-air intake and ECU tune courtesy of 845 Motorsports. It also received a new catback exhaust and blow-off valve. The chassis has been reinforced with a variety of braces from Pierce Motorsports, and NEO Motorsports contributed the coilover suspension and bigger brakes with six-piston calipers. SEMA cars need show as well as go, so the companies added 19-inch Rotiform wheels, massive fender flares, a custom grille, a carbon-fiber hood and hatch and, of course, spoilers. All of which are covered in a PPG paint called "Magic Magenta." Inside, the Veloster Turbo features racing seats and a roll cage. The interior also received some less-than-race-ready modifications including an upgraded audio system complete with subwoofer and amplifier. While this is by no means an unimpressive car, this Veloster Turbo will unfortunately have to share the stage with some truly wild creations. These include a beefed-up, off-road Santa Fe, and the absolutely insane 1,040-horsepower, rear-wheel-drive Santa Fe built by Bisimoto. However, the Veloster Turbo gives a more realistic look at what people can create with a new Hyundai, thanks to its off-the-shelf parts. Related Video: Featured Gallery Gurnade Hyundai Veloster Turbo: SEMA 2016 Related Gallery Hyundai Gurnade Veloster Turbo Image Credit: Live photos copyright 2016 Drew Phillips / Autoblog Aftermarket SEMA Show Hyundai Hatchback Performance hyundai veloster turbo veloster turbo

Hyundai, Kia consider body-on-frame SUVs aimed at Tahoe and Expedition

Hyundai and Kia are open to expanding their presence in the SUV segment by each releasing a body-on-frame SUV. Both models will be marketed as alternatives to the Chevrolet Tahoe and the Ford Expedition. "From a brand perspective, obviously that is thinkable. Now, whether it makes sense, and in what region, and with what particular concept remains to be seen," said Lorenz Glaab, Hyundai's head of global product management, in an interview with Australia's CarSales. "Nothing can be excluded. There is some dynamism in that segment you just described, and we are very much aware of that. We monitor it closely," he added. Hyundai and Kia sell the Palisade and the Telluride, respectively. Both are rather large, reasonably spacious, and relatively powerful, but they can't compete against body-on-fame SUVs like the Tahoe, the Expedition, and the Toyota Land Cruiser, among others. They feature unibody construction, so they're not as capable off-road. While neither firm has suitable underpinnings to build an SUV on, CarSales believes both new models will ride on a modular frame being developed internally, in part to underpin a pickup about as big as the Ford Ranger. Kia officials requested a bigger, more rugged SUV earlier in 2020. Damien Meredith, the chief operating officer of the firm's Australian division, said he wants "one or two bigger SUVs." He also confirmed Kia will launch a Ranger-baiting pickup, which lends credibility to the claim that the platform will also be used to underpin an SUV. Powertrain specifications are still up in the air. Rear-wheel drive will presumably come standard, and four-wheel drive will be either offered at an extra cost, or made standard on some variants. CarSales speculates a two-speed transfer case could be available, and it added the 3.0-liter turbodiesel straight-six developed for the Genesis GV80 will be the base engine in some global markets. It's reasonable to assume a hybrid option will appear, too. If the report is accurate, both SUVs could land in 2023, meaning they might be labeled 2024 models in the United States. They'd also be sold in Australia, where motorists have a healthy appetite for off-roaders, in the Middle East, where the Land Cruiser and the Nissan Armada reign supreme, and in Russia. Interestingly, posh spin-off Genesis could receive its own version of the SUV, much like Lexus gets a specific variant of the Land Cruiser. Deja vu?