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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.

Recharge Wrap-up: Tow-charging a Tesla, Hyundai Tucson Fuel Cell taxis in Paris

Watch a Tesla charge another Tesla by towing it. Bjorn Nyland has found yet another way to explore what Teslas can do, this time by towing a Model S behind a Model X to recharge the sedan's battery. While it's not the most efficient method of charging, it's definitely one way you could help out a stranded electric motorist in a time of desperation. The single-motor S was couldn't quite hit its regen capacity of 60 kW because of the towing speed. Nyland suggests a dual-motor Tesla in tow might be able to capture more energy. Check out the video above, and read more at Teslarati. Paris-based taxi startup STEP (Societe du Taxi Electrique Parisien) will use 60 Hyundai Tucson Fuel Cells in its fleet. These will replace internal combustion taxis on Paris roads. Hyundai says that its Tucson Fuel Cell taxi fleet presence in Paris will increase from five vehicles to up to several hundred in coming years. Read more from Hyundai. Montreal is installing 50 new EV chargers, with a goal of 1,000 by 2020. The new chargers are in addition to 50 built downtown in August. "Our administration has bet on the electrification of transportation, with a view to being the first electric metropolis in North America," says Montreal Mayor Denis Coderre. The 50 new stations are spread out throughout seven boroughs of the city. Read more at Green Car Congress, or from the City of Montreal (in French). Denver will add 200 electric vehicles to its city fleet by 2020. The city plans to save $800,000 over the next decade due to the switch, as it starts to replace aging vehicles with electric ones starting in 2018. "Both financially and from the environmental perspective, it puts the city in a leadership position," says Denver Energy and Transportation Administrator Tyler Svitak. The city currently employs three EVs in its fleet. Read more at Hybrid Cars, or from The Denver Post. Related Gallery Hyundai Tucson Fuel Cell STEP Taxi Service News Source: Teslarati, YouTube: Bjorn Nyland, Hyundai, Green Car Congress, City of Montreal, Hybrid Cars, Denver Post Government/Legal Green Hyundai Tesla Green Automakers Electric Videos recharge wrapup

FCA discussing tech partnership with Hyundai, but no merger

Fiat Chrysler Automobiles is in talks with South Korea's Hyundai about a technical partnership, but there are no merger talks between the two, FCA Chief Executive Sergio Marchionne said on Saturday. FCA is often the subject of merger speculation, especially after its unsuccessful 2015 attempt to tie up with larger U.S. rival GM. Its share price jumped to record highs in August after reports of interest from China and Hyundai. "We already buy components from (Hyundai) .... let's see if we can agree on other points, especially for the development of transmissions and hydrogen," Marchionne told journalists, adding there was "nothing to announce for the moment". Asked whether this collaboration could turn into a merger, Marchionne said: "I don't believe so". (Reporting by Agnieszka Flak; editing by Alexander Smith)Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.