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Hyundai missing Q1 earnings targets blamed on slow US sales

Slow US growth is hampering profits at Hyundai. In its first quarter financial statement, the Korean automaker reported a profit of 1.93 trillion won ($1.86 billion). According to Reuters, this is less than analysts' expectations and nearly the same as last year.
According to the report, US sales fell by 3 percent in Q1 2014. To make matters worse, the high value of the South Korean currency caused lower profits on models exported from there. On the bright side, Hyundai's Chinese sales rose by 9 percent, according to Reuters. It's also working on building a fourth factory there.
The company has had a rough time in the US throughout the quarter. John Krafcik, the CEO of Hyundai of America, stepped down on January 1, and the company was already predicting slow growth in sales for 2014. Falling quality scores for the Sonata and Elantra aren't helping matters either. However, there may be hope on the way. The second-generation Genesis Sedan was introduced to the US in Detroit, and the redesigned Sonata was recently shown in New York. Successful launches of these important models could prove crucial.

Hyundai, Porsche top J.D. Power APEAL study

Just as they did in the Initial Quality Study, Porsche and Hyundai have taken the premium and non-premium crown, respectively, for the 2014 J.D. Power APEAL study. This is the tenth consecutive year for that Porsche has been rated the best premium make in the APEAL study, which attempts to figure out how pleased owners are with their purchases. For 2014, it asked 86,000 owners of MY2014 cars to rate their vehicles in 77 different categories 90 days after their initial purchase. The resulting figures were plugged in deliver the APEAL score, which is rated on a 1,000-point scale. The industry average sits at 794 points for 2014, although that's a one-percent decline over last year's rating. In this year's study, premium brands averaged 840 out of 1,000, while non-premium makes average 785. For their part, Porsche netted an impressive 882 points, while Hyundai earned an 804. Interestingly, only four non-premium brands (Hyundai, Ram, Volkswagen and Mini) finished above the industry average for 2014. It's also interesting to see the clear delineation between premium and non-premium brands, with an eight-point gap between the non-premium champ, Hyundai, and the lowest-rated premium brand, Volvo. Porsche and Hyundai weren't the only automakers to take home recognition. Dodge managed to tie Porsche for the most segment awards, with three. The Challenger, Charger and Dart all topped their market. There were a number of two-segment winners, as well, with Audi, Ford, Mercedes-Benz and Nissan capturing a pair of segments each. Scroll down for the full press release from JD Power on this year's winners. Automakers Struggle to Impress Owners with Increased Usefulness of In-Vehicle Technologies And Features on All-New and Redesigned Models Dodge and Porsche Each Receive Three Segment-Level Awards; Audi, Ford, Mercedes-Benz and Nissan Each Receive Two WESTLAKE VILLAGE, Calif.: 23 July 2014 - Although manufacturers are putting more and more technologies and functionality in their new and redesigned models, satisfaction with these features is not significantly higher among owners of those models than among owners of carryover models, according to the J.D. Power 2014 U.S. Automotive Performance, Execution and Layout (APEAL) StudySM released today. The APEAL Study, now in its 19th year, serves as the industry benchmark for new-vehicle appeal. Owners evaluate their vehicle across 77 attributes, which combine into an overall APEAL score that is measured on a 1,000-point scale.

Hyundai calling in 65k Sonatas over ABS warning light

A problem with the ABS warning light has prompted Hyundai to issue a recall for nearly 65,000 examples of the Sonata sedan. The issue seeks to rectify an issue that would prevent a warning light in the dash from alerting the driver of a malfunction with the anti-lock brakes. The recall campaign specifically affects 2015-16 Sonatas manufactured between May 28, 2014, and August 21, 2015. Hyundai estimates that 64,744 such examples are to be found in the United States. If the warning light doesn't illuminate, the driver may not be aware that there's a problem with the ABS. And, according to the statement below from the National Highway Traffic Safety Administration, that could increase the likelihood of a crash. To fix the issue, Hyundai will notify owners to bring their Sonatas in to their local dealership to have the software in the control unit updated. The recall is scheduled to commence on December 11. Related Video: RECALL Subject : ABS Warning Lamp May Not Illuminate/FMVSS 135 Report Receipt Date: OCT 20, 2015 NHTSA Campaign Number: 15V678000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 64,744 Manufacturer: Hyundai Motor America SUMMARY: Hyundai Motor America (Hyundai) is recalling certain model year 2015-2016 Sonata vehicles manufactured May 28, 2014, to August 21, 2015. The affected vehicles are equipped with an Antilock Braking System (ABS) warning light intended to warn the driver if there is an ABS malfunction. In the event of an ABS malfunction, the Brake System warning light will illuminate, but the ABS warning light will not illuminate. Since the vehicles have ABS malfunction lights that do not illuminate, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 135, "Light Vehicle Brake Systems." CONSEQUENCE: If the driver is alerted there is a brake system malfunction, but not specifically with the ABS system, the driver may operate the vehicle unaware that the vehicle's brakes may lock up during hard braking, increasing the risk of a crash. REMEDY: Hyundai will notify owners, and dealers will update the ABS control unit software, free of charge. The recall is expected to begin December 11, 2015. Owners may contact Hyundai customer service at 1-855-671-3059. Hyundai's number for this recall is 134. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.