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Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.

Hyundai returns to spark-compression engines with $5 million grant

Ed note: This version adds comment from a Hyundai spokeswoman. Hyundai said Monday it has won a grant worth $4.95 million from the U.S. Department of Energy to support research and development for an advanced, mixed-mode gasoline spark-compression engine, meaning the Korean automaker appears to be back at it in its quest to develop a fuel-efficient, low-emissions gasoline compression engine that can catch the likes of Mazda's Skyactiv-X. Hyundai says the three-year grant will leverage existing work with advanced valve train and previous DOE-funded technologies. Hyundai previously was working on its own HCCI — short for homogeneous charge compression ignition — project, developing a Gasoline Direct-Injection Compression engine with help from Delphi that used supercharging and turbocharging, a high compression ratio and fully variable valve train. But it has never come to fruition, reportedly due in large part to added costs. Hyundai spokeswoman Michele Tinson said the grant will support a new project for the automaker. "It's a departure from the past efforts forging a new direction forward for Hyundai where the fuel and engine combustion modes can be optimized to meet new targets," she said. Tinson said the GDCI project is completing its third round of DOE funding. Hyundai in December said it plans to release 38 environmentally friendly vehicles along with its affiliate Kia, and using a variety of technologies, by 2025. Hyundai alone will account for 18 of them. The aim is to use the spark-compression engines for conventional gasoline-powered vehicles, plug-in hybrids and mild hybrids. "The opportunity to explore mixed-mode engine technology through the DOE's grant signifies Hyundai's commitment to advanced research technology and compression engines," John Juriga, director of powertrain technologies at Hyundai America's Technical Center near Ann Arbor, Mich., said in a statement. "The co-operative research project along with Michigan Technological University and Phillips 66 signifies the importance in developing fuel and engine innovations that work together for optimal vehicle performance and leading fuel economy ratings." Mazda's Skyactiv-X compression-ignition engine uses Spark Controlled Compression Ignition to achieve diesel-like gains in fuel economy — about 20 to 30 percent higher than its current gasoline engines — and lower emissions from regular gasoline. It's said to debut in late 2019. Related Video:

Hyundai shocks Korea with mid-engined Veloster concept

There are many things we love here at Autoblog, but one of the quirkiest is the mid-engined hot hatch, whether it's the Renaultsport Clio V6 or the Volkswagen GTI W12-650 concept. Unfortunately, we can never seem to get our hands on one - the former never having made the transatlantic journey and the latter remained strictly a concept. And now we've got one more to salivate over.
It's called, simply enough, the Veloster Midship concept, and Hyundai is unveiling it this week at the Busan Motor Show in South Korea. As you might have guessed, it's essentially a Veloster with the engine - a 2.0-liter Theta turbo four producing 296 horsepower - mounted behind the two seats. It's also got a lightweight aluminum suspension, a reinforced chassis and extreme aero to help that mid-mounted turbo engine do its thing.
The project was undertaken by the same team that developed the initial i20 WRC rally car, but unfortunately as Hyundai itself says in the press release below (released with the solitary image above), "The Midship is a concept only to explore possibilities for the Veloster chassis and is currently not related to any future production model." Which is a bit of a shame, but hardly a surprise.