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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.

Kia Seltos, electric Cadillac and a looming Bronco | Autoblog Podcast #615

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder, and Associate Editor Byron Hurd makes his ABP debut. This week, they start with the cars they've been driving: the Jaguar XE, Kia Seltos, Hyundai Venue and Ford Escape. Then they dig into the news, including an upcoming Cadillac EV, Lincoln and Chevy sedans and the Ford Bronco. Finally, they help a listener replace his Jeep Patriot in the Spend My Money segment. Autoblog Podcast #615 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: Jaguar XE 300 R-Dynamic S Kia Seltos Hyundai Venue Ford Escape Cadillac bringing EV to New York Auto Show Chevy and Lincoln dealers say they still want sedans Ford tells dealers the Bronco is weeks away from its global debut Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: 2020 Ford Escape 2.0T #POV drive

Jaguar I-Pace vs. Tesla Model 3 and other EVs: How they compare on paper

The 200-mile club of electric vehicles is really growing. The most recent member is the Jaguar I-Pace, the company's first pure EV. It promises luxury, performance, style, and most important, good range. Nearly as recent is the Hyundai Kona EV, and while it doesn't promise luxury or performance like the Jaguar (it's also smaller), it does pack impressive range. With the introduction of both of these electric cars, we thought we would see how they compare against each other, and the other two big names in high-capacity electric cars: the Chevy Bolt EV and the Tesla Model 3. This isn't intended to be a direct, apples-to-apples comparison, as the four are quite different. If anything, they break into two groups: bigger and more luxurious, and smaller and less expensive. Then again, the number of vehicles with this electric range is small and comparisons to EV's with less range wouldn't be too kind to the other guys. If you want to learn more about these EVs, and compare them with other cars, be sure to check out our Car Finder and comparison tools. Horsepower and torque There is one clear winner here, and that's the Jaguar I-Pace. It packs a whopping 394 horsepower and 512 pound-feet of torque. That comes through a pair of electric motors (one at the front, another at the rear) that provide the Jag with all-wheel drive, the only one of these vehicles to offer it (at the moment). Altogether, it allows the I-Pace to have the best 0-60 mph time of 4.5 seconds. At the other end of the spectrum is the Hyundai Kona EV. It's front-drive, like the Bolt EV, and has effectively the same amount of horsepower as the Chevy at 201 horsepower, but its 0-60-mph time is almost a second slower. And the low-range version of the Kona, excluded because it doesn't go more than 200 miles between charges, is slower still. The Tesla Model 3 is the only vehicle with rear-wheel drive, and with a 0-60 mph of 5.1 seconds for the Long Range model, it is still very quick. Range and energy use Frequently, the all-consuming question with electric cars is, "How far can I go on a charge?" And to go the farthest, you need the long-range Tesla Model 3. It can go 310 miles. It has the added advantage of being able to use the network of Tesla Supercharger stations, though they are pay-per-use with the Model 3. Even the lower capacity Model 3, with just 220 miles of range, can use these stations.