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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:

Hyundai Ioniq blends familiar cues with futuristic design

Hyundai is preparing to unveil its first dedicated electrified vehicle. Called the Ioniq, it's set to launch at the Geneva Motor Show this March. Now, the Korean automaker is giving us an idea of what to expect with a series of teaser renderings. As you can see from the first image in the slideshow above, the exterior design of the Ioniq announces the environmentally friendly powertrain at its heart. That means an aerodynamically optimized shape to cut through the wind with a minimum of interference. The greenhouse tapers off to a high tail not unlike those seen on the Toyota Prius and Chevy Volt – whose drivers Hyundai will seek to attract with this new model. The wheels also appear to adopt an aero-focused design, but signature Hyundai design traits are still evident, from the hexagonal grille to the upward kink in the C-pillar. Inside the cabin promises a forward-looking but comfortable space with simple rounded surfaces. Cool blue trim sets the mood, and screens in the instrument cluster and the center of the dashboard reduce clutter and display vital information. The manufacturer says it's using "eco-friendly materials to convey a futuristic yet warm cabin ambiance that will appeal to a new generation of motorists." The Ioniq will offer a choice of three powertrain options with varying degrees of electrification: a gasoline-electric hybrid, a plug-in hybrid, and full electric propulsion. It's rare for an automaker to offer all three choices. Most electrified vehicles come in conventional and hybrid versions (like Hyundai's own Sonata), hybrid and plug-in hybrid (like the Prius), or even plug-in or fully electric variants (like the BMW i3). Hyundai is slated to unveil the Ioniq in Korea next month ahead of its auto show tour, so watch this space for more. CLASS-LEADING AERODYNAMICS AND STRIKING DESIGN DETAILS FOR HYUNDAI MOTOR'S NEW ALTERNATIVE-FUEL IONIQ - Teaser rendering highlights eye-catching silhouette and design details - Sleek and simple exterior reduces aerodynamic drag for greater efficiency - Elegant interior combines environmentally-friendly materials and flexible space December 16, 2015 – A new rendering of Hyundai Motor's all-new IONIQ hints at how the innovative, alternative-fuel compact vehicle, which is due for launch in early 2016, will combine head-turning good looks with class-leading aerodynamic performance.

370-hp Veloster by Fox Marketing rounds out Hyundai's SEMA lineup

Hyundai is certainly bringing the horsepower wars to Las Vegas next month. We already know that its SEMA lineup includes a 1,000-horsepower Genesis Coupe, but now the company has announced that it is teaming up with Fox Marketing to create a 370-hp Veloster Turbo.
Keeping the Turbo's 1.6-liter engine, this show car gets an extra 169 hp by adding a bigger turbo and intercooler, cat-back exhaust and nitrous and methanol injection... oh, and the engine runs on 101-octane racing fuel. The brakes have been upgraded with six-piston calipers and bigger rotors, while the suspension now includes adjustable coil-overs. And since this is SEMA, this Veloster Turbo gets the requisite flashy exterior styling.
Scroll down for the full press release, but we'll have some better shots of this Veloster in just a few weeks.