Hyundai Accent Gls 57k Miles Clean Carfax on 2040-cars

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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, Kia to temporarily close U.S. plants in path of Irma

SEOUL — South Korea's Hyundai and sister car maker Kia said on Monday they planned to temporarily shut down plants in the United States to avoid potential damage from Hurricane Irma. The shut down comes at a time Hyundai's U.S. sales have fallen more than the market average, and after it recently announced plans to expand its SUV lineup and launch a pickup truck in the market in an attempt to reverse the slide. In a statement, Hyundai Motor said it would suspend operation of its Alabama plant for two days - between Monday and Wednesday — while Kia Motors will stop operation of its Georgia plant for one day - between Monday and Tuesday. The suspension is expected to result in lost production of about 3,000 vehicles for both, the Yonhap news agency earlier said on Monday, citing a Hyundai Motor group spokesman. A Hyundai spokeswoman declined to comment on the number. Hurricane Irma took aim at heavily populated areas of central Florida on Monday as it carved a path of destruction through the state with high winds and storm surges that left millions without power, ripped roofs off homes and flooded city streets. Hyundai's U.S. sales are down nearly 11 percent this year through July 31, worse than the overall 2.9 percent decline in U.S. car and light truck sales. Sales of the Sonata, once a pillar of Hyundai's U.S. franchise, have fallen 30 percent through the first seven months of 2017. In contrast, sales of Hyundai's current SUV lineup are up 11 percent for the first seven months of this year. Reporting by Joyce LeeRelated Video: Plants/Manufacturing Hyundai Kia alabama

Hyundai and Kia recalling 1.6M more models for faulty brake switch

In what is likely the largest recall campaign for Hyundai and Kia, the National Highway Traffic Safety Administration has announced a recall of more than 1.6 million models due to a faulty brake switch. This is in addition to almost 700,000 Hyundai and Kia models recalled for the same problem back in 2009.
In more than 620,000 Kia models and 1 million Hyundai products for the 2007 through 2011 model years, the brake switch could malfunction causing the brake lights to not illuminate, which could lead to accident. Other possible issues with a faulty switch include the cruise control not cancelling with the brake pedal, the push-button starter not working properly and the shift interlock not disengaging causing the transmission to be stuck in Park. To fix the problem, the brake lights switch will be replaced.
Due to the large number of units being recalled, both automakers are issuing a notice by next month with parts not expected to be ready until June. The full list of affected vehicles and the NHTSA press releases are posted below.