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Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

2019 Kia Sorento three-row crossover will start at $25,990

Kia's refreshed three-row 2019 Sorento will start at $25,990 and be offered in five trim levels, including all-wheel drive options, when it hits showrooms later this year. Kia first revealed the updated crossover at the L.A. Auto Show in November, showing off more refined exterior features including new front and rear fascias with updated grille, revised headlamps, new rear bumper, tail lamps and a revised lift gate. Seven-passenger seating and a 7-inch touchscreen interface with Android Auto and Apple CarPlay integration will both be standard in the 2019 model, while the optional 2.0-liter four-cylinder turbo engine is no more. In its place is the carry-over base 2.4-liter inline-four with a revised six-speed automatic, plus an optional 3.3-liter V6 with a new eight-speed automatic transmission. A diesel version is also forthcoming. Inside the Sorento there's a new steering wheel, shifter knob and revised air vents and gauges. Options include the Advanced Driver Assistance Systems package on the EX, SX and SX-L trims, which bring lane-keeping assistance and driver-attention warning technologies, and a premium Harman Kardon surround-sound system. The fully loaded SXL trim starts at $44,690 for front-wheel drive and $46,490 for all-wheel drive and includes LED headlights with high- and low-beam assist, LED fog lights, wireless phone charging and front parking sensors, among other perks. A Magna Dynamax intelligent all-wheel-drive system is available on all trim levels except the base front-wheel drive L and features a 50-50 locking center differential and torque vectoring. The new Sorento's starting price is right in line with its 2018 predecessor and keeps it priced competitively with three-row crossover competitors like the Subaru Ascent, which starts at $31,995, and the Volkswagen Tiguan, which starts at $24,595. Sales of the Sorento fell 13 percent in 2017 to 99,684, making it Kia's fourth top-selling vehicle behind the Optima, Soul and Forte. Related Video: Featured Gallery 2019 Kia Sorento: LA 2017 View 12 Photos Image Credit: Kia Kia Crossover kia sorento subaru ascent three-row

Kia Stinger will be getting more power for 2021

The 2021 Kia Stinger will get more oomph when it arrives later this year, but a new report says the tweaks will come from modifications to its existing powertrain, not a new option atop the range. The report from Australian site CarSales, which cites anonymous sources close to the automaker, appears to throw cold water on rumors that the Stinger would get the 3.5-liter turbocharged V6 from the new Genesis G80 sedan, which delivers 380 horsepower and 391 pound-feet of torque. The report says that the G80's 304-hp 2.5-liter turbo-four will not be coming to Australia as a replacement for the Stinger’s base 255-hp 2.0-liter turbo-four, and we would doubt it would for the United States, either.  In its range-topping models, the Stinger's 3.3-liter twin-turbo V6 offers 365 hp and 376 lb-ft. CarSales reports that engine will be juiced for more power by tweaking its bimodal exhaust. Unspecified design and equipment changes are also reportedly due. Now in its third year on the market, the Stinger turned a lot of heads when it debuted in 2017 at the Detroit auto show, and a long-term test version of the 2018 Stinger GT impressed Autoblog editors. It has failed to catch fire with buyers, but a performance-oriented premium sedan/hatchback made by Kia was always going to be a sales success long shot.  During the first three months of 2020, Kia sold 2,560 Stingers in the United States, down nearly 21%. Sales in 2019, when there was no global pandemic to skew numbers, totaled 13,861, down 17.5%. Kia discontinued the Premium trim packages for 2020. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.