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Hyundai Motor plans 17 EVs, $16B investment by 2030

SEOUL — South Korea's Hyundai Motor Co said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses. It also said it plans to introduce 17 EVs in that timeframe, six from Genesis and 11 from the Hyundai brand. Hyundai announced that three of those EVs would be sedans, along with six SUVs, a light commercial vehicle and one new type of model. It will begin sales of the Ioniq 6 later this year, followed by the Ioniq 7 in 2024. Hyundai Motor, which together with affiliate Kia Corp is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day. The Seoul-based automaker said it aimed to achieve an operating profit margin of 10% or higher in EV business by 2030. "Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic," Hyundai Motor Chief Executive Officer Jaehoon Chang said. Analysts, however said Hyundai's $16 billion investment in EV business would not be considered an "aggressive" approach compared to its rivals, adding, the investment is easily dwarfed by bigger rivals including Toyota Motor Corp, which plans to invest 8 trillion yen ($69.43 billion) for electrification by 2030. "Hyundai is allocating about 20% of its 95.5 trillion won investment to EV related businesses, which includes building new plants, EV charging stations and strategic alliances with battery manufacturers and the investment amount for EV does not seem too surprising or aggressive," said Eugene Investment & Securities analyst Lee Jae-il. Chang said Hyundai was considering building new dedicated EV production plants without proving details of new factories, including locations and timeline. Analysts said Hyundai would be eying on building dedicated EV factories in the United States, as it considers that as its key EV market. Shares in Hyundai Motor closed down 2.6%, compared to the benchmark KOSPI's 0.2% gain. ($1 = 1,205.2600 won) ($1 = 115.2300 yen) (Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Rashmi Aich) Related video: This content is hosted by a third party.

Hyundai Ioniq launches in Korea before challenging Prius in US [w/video]

Enough with the teasers already: Hyundai has officially launched its first dedicated electrified vehicle. The Korean automaker is naturally rolling out the all-new model in its domestic market before sending it our way. But when it does arrive, it will offer a choice of three powertrains with decreasing levels of reliance on fossil fuels. Hyundai isn't saying how far or how fast the Ioniq hybrid will travel, but it will travel on electric mode at up to 75 miles per hour. Deriving its name from an amalgamation of "ion" and "unique," the new Ioniq bears a shape largely dictated by aerodynamic requirements, helping the Ioniq achieve a drag coefficient of just 0.24, and lending it a similar appearance to the Chevy Volt, Toyota Prius, and Honda Insight. Unlike those vehicles, Hyundai will offer a fully electric version of the Ioniq at some point in the future. For the time being, the manufacturer has only detailed the hybrid version. The powertrain is built around a new 1.6-liter four-cylinder Kappa engine rated at 104 horsepower and 108 pound-feet of torque. It's paired to an electric motor that's good for another 43 hp, giving the system a combined output of 139 hp and as much as 195 lb-ft, transmitting power through a new six-speed dual-clutch transmission with a lithium-ion polymer battery pack, hidden under the flat-folding rear seat to maximize passenger and cargo space, supplying the electric motor. Though the focus here is clearly on efficiency, Hyundai says it has also designed the Ioniq to behave in a sportier fashion than its rivals. Hyundai isn't saying how far or how fast the Ioniq hybrid will travel, but has disclosed that it will travel on electric mode at speeds of up to 75 miles per hour. To further its range, the automaker fitted an efficient HVAC system, mounted low-rolling resistance tires, and developed a system that predicts energy requirements based on the programmed route and on traffic patterns to optimize charging and required level of gas engine assistance. It also made the vehicle as light as possible, using high-strength steel for the structure and aluminum for non-structural panels. Even the cargo cover is 25 percent lighter than a conventional one, and the construction uses a variety of renewable and recycled materials like (sugar cane and soybean oil) that are both environmentally friendly and lighter.

Hyundai Kia asked to pay $28.9M in patent infringement case

After years of litigation, Hyundai and Kia have lost their hybrid technology patent infringement case against Paice LLC. The jury ordered the South Korean automakers to pay $28.9 million, but according to Bloomberg, because the violation was allegedly intentional, the judge could triple that amount. The automakers have announced plans to appeal the ruling. Paice's patent dates from 1994 on a piece of tech called the Hyperdrive, and it was a way to seamlessly switch between power from an electric motor and an internal combustion engine. This lawsuit was first filed in 2012 and covered the systems in the Hyundai Sonata Hybrid and Kia Optima Hybrid. According to Bloomberg, the companies tried to argue that the patent was no longer valid, but the strategy failed. "Hyundai strongly believes its position and will appeal any remaining adverse findings to the Federal Circuit," the company said in a statement to Autoblog. Paice is certainly no stranger to litigating over the Hyperdrive patent, though. It and Toyota had a similar court battle that lasted years. Eventually, there was a settlement, and the result was Paice getting royalties for each hybrid that the Japanese automaker sold. Similarly, there's a lawsuit pending against Ford over tech in the C-Max, Fusion, and Lincoln MKZ. Hyundai Statement: Hyundai believes that the verdict returned by the jury today in the matter of Paice v. Hyundai Motor Company et al., is not supported by the evidence. Accordingly, Hyundai has requested that the presiding judge enter a judgment in its favor notwithstanding the verdict. Hyundai strongly believes its position and will appeal any remaining adverse findings to the Federal Circuit.