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Hyundai, Kia looking to cut costs

Hyundai and Kia are off to roaring starts in the United States this year, underscored by Kia's best sales month ever in May. But globally the situation for the South Korean siblings hasn't been nearly so positive. Recently, they reported their fourth consecutive quarter of decreasing operating profits worldwide, and now they're "making efforts to cut costs," according to a statement in a joint email obtained by Bloomberg. However, the companies aren't detailing where they would make the cuts or how much they want to save. The amount could be significant, though. An unnamed Hyundai senior executive reportedly told a South Korean newspaper that the business might be aiming for up to 30 percent in reductions. According to Bloomberg, Hyundai and Kia are facing falling total sales worldwide. Making the situation worse is that the strong Korean won versus the weaker Japanese yen gives competitors an advantage. The automakers also angered investors enough last year to prompt a stock buyback after paying $10 billion for the land for a future headquarters. The prognosis doesn't look utterly dire, though, and new products are on the way. For example, the Hyundai Santa Fe is being refreshed in South Korea, and the next-gen Elantra debuts at this year's Los Angeles Auto Show. There's also the Creta on the way for foreign markets. Additionally, several models are still awaiting the green light, including a Hyundai Genesis-based luxury crossover, a compact CUV, and the Santa Cruz unibody pickup. Meanwhile, the Kia GT is reportedly close to production, too. Related Video:

Hyundai Group and LG Chem launch EV & Battery Challenge

The chairmen of Hyundai Motor Group and LG Chem sat down recently to explore ideas for collaboration that include a joint venture in Indonesia to produce electric vehicle batteries. One early result of their efforts is the EV & Battery Challenge, a global competition seeking startups with working technologies that will add value to battery development and production, and enhance customer's total EV ownership experience. Broken into two categories of innovation, the contest is looking for battery tech in the areas of management and maintenance, materials, reuse and recycling, and manufacturing and quality control. For electric vehicles, startups with innovations in the EV business model, charging, components, fleet management, and customer service are encouraged to apply. LG held a similar event last year open to new inventions specifically for batteries. Nearly 130 applicants applied from 27 countries. After a Battery Challenge Pitch Day at the LG Magok Science Park in South Korea, the company chose five finalists who received up to $2 million in funding through formal partnership with the conglomerate. LG said it didn't walk away from the 124 candidates not chosen, "continuing to work closely [with them] and offer support in terms of technological evaluation and future investment."    The EV & Battery Challenge dangles the same prizes — financial support and the chance to work in Hyundai and LG facilities with their tools, engineers, and knowledge.  Applicants need to have a non-commercialized working prototype clearly different from what's currently on the market, "strong expertise in the battery and mobility sector," and "a business model based on credible commercial and economic assumptions." The challenge is open from now until August 28. Hyundai and LG will review applications in September, then hold video interviews with a winnowed group in October and November. In November, finalists will be invited to a two-day workshop at Hyundai's CRADLE hub in Silicon Valley, where the automaker bases its innovation initiatives in the U.S.  New Energy Nexus, "an international non-profit that supports clean energy entrepreneurs with funds, accelerators, and networks," is overseeing the EV & Battery Challenge. The potential reward for LG is finding a mythical piece of battery tech to counter the million-mile packs supposedly on the verge of release from China's CATL or U.S.

The last Hyundai V8 car is already here

Hyundai will end production of V8-powered cars this year, if a new report out of South Korea proves true. It would make the 5.0-liter unit found in the current Genesis G90 sedan the final Hyundai Tau V8. According to South Korean website Daum, the updated Genesis G90, expected later this year, will no longer have the 420-horse, 383 lb-ft V8 available as an option. The top-grade engine will, moving forward, be the 3.5-liter twin-turbo V6, good for 380 horsepower and edging out the V8 with 391 pound-feet of torque.  In addition, the V8 was discontinued for the updated Kia K9 recently. We knew that model as the Kia K900 in the U.S., and dropping the V8 was a moot point for us because the entire model was eliminated for 2021. We thought that the V8 might be on its way out when we saw the 2022 Genesis G90 testing under heavy camouflage. It's not surprising, considering the entire industry is moving toward smaller, forced-induction engines. According to Daum, the G90 will be redesigned with an eye toward weight reduction, chassis rigidity, and a lower center of gravity. An electric version, likely called the eG90, is expected as well. It'll almost certainly receive the quad headlight signature of two thin lines on either side of a large crest grille as well. Going even further, the site claims that the G90 will feature a rear-wheel steering system to improve cornering and high-speed stability. The V6-powered 2022 Genesis G90 is expected to debut later this year, and the electric version will follow at a later date. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.