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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-Kia fuel-economy errors trigger $300M in federal penalties [w/video]

This amount includes $100-million in civil penalties, the largest such fines in EPA history.
Hyundai and Kia are getting more than a slap on the wrist for overstating the fuel economy of an estimated 1.2-million vehicles in their 2011-2013 model ranges. The Environmental Protection Agency, the Department of Justice and the California Air Resources Board are hitting the automakers with collective penalties valued at around $300 million for Clean Air Act violations. This amount includes $100-million in civil penalties, the largest such fines in EPA history. Specifically, Hyundai is paying a $56.8 million penalty and relinquishing 2.7-million greenhouse gas emissions credits. Kia is paying $43.2 million in penalties and giving up 2.05-million credits.

Kia, Hyundai testing big crossovers, and one looks like the Telluride

Big things are coming from Hyundai and Kia in the near future, and we mean literally. One of our spy photographers caught the companies each testing full-size crossover SUVs out in the snow. The Kia caught our attention in particular, because it looks quite a bit like the Kia Telluride concept from 2016. At the front of the Kia, the entire fascia looks boxy with nary a curve in sight. It also has low-set, squared-off headlights at the far edges; both prominent features on the concept, too. That theme carries over to the back, where the metal portion of the hatch looks plain and flat and is almost perfectly vertical. The glass area leans forward a bit. The taillights also look like those on the concept, with thin vertical portions that make a 90-degree turn inward at the top. A neat design touch not found on the concept are the slight glass extensions into the roof on each side of the windshield. When the concept Telluride was revealed, it was based on the Sorento platform and had a combined 400 horsepower. This power came from a 270-horsepower V6 and a 130-horsepower electric motor, which Kia claimed would provide 30 mpg in all-wheel-drive form. We expect that the Telluride will mainly be offered in non-hybrid forms, and perhaps in diesel form, since this prototype was testing alongside a Volvo XC90 diesel. But we also wouldn't necessarily rule out a hybrid variant like the concept. Kia and Hyundai both are getting serious about hybrids and electrification, and if Kia is targeting something like the XC90, which itself offers a hybrid powertrain, it would make sense that Kia is planning to offer a competing product. A Kia executive said news about the production model is coming "soon," so we'll probably learn more about the production Telluride sometime this year, probably no earlier than the New York Auto Show. View 16 Photos As for the big Hyundai, it will likely take the space the newly downsized Santa Fe has vacated. We're not sure what it might be called, but the last time Hyundai had a crossover bigger than the Santa Fe, it was called the Veracruz, so the name could make a return. Styling-wise, the front of this full-size crossover is right in line with the rest of Hyundai's new-generation crossovers. It has the split headlight design that first showed up on the Kona, with the lower lamps providing primary illumination, and the thin, scowling upper lamps working mainly as daytime running lights.