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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

Don't call it a minivan: Kia previews new Sedona Grand Utility Vehicle

Kia sells more crossovers than ever, but it's not forgetting about its entry into the minivan segment. It released a design sketch to preview the next-generation Carnival, which is known as the Sedona in the United States. Stylists shun the increasingly unpopular minivan label; they claim they've created a Grand Utility Vehicle whose design is more stylish, more futuristic, and, somewhat inevitably, more SUV-like than the outgoing model's. The sketch released by the South Korean firm indicates the Sedona's front end receives a taller, flatter hood, a bigger grille with vertical slats and a chrome-look frame, plus thin horizontal lights accented by LED elements. Its overall proportions don't drastically change, no one's going to mistake it for a Stinger, but blacked-out door pillars create the illusion of a floating roof. We don't know what the rear end looks like yet, though the company noted the horizontal crease below the window line links the lights on both ends. The alloys are gigantic, but keep in mind we're looking at a design sketch. The production model will ride on smaller wheels with more sidewall. We'll need to muster a little bit of patience to find out what the Sedona looks like inside, or what its sheetmetal hides. Practicality is the name of the game in the minivan segment, so Kia will likely pack an array of clever features into the van to make commuting, kid-hauling, and road-tripping easier. Seeing a hybrid powertrain join the specifications sheet would make sense considering the market's on-going shift towards electrification, but nothing has been confirmed at this point. The current-generation Sedona receives a 3.3-liter, 276-horsepower V6 for the American market, and we wouldn't be surprised if it downsizes to a turbocharged four-cylinder. Kia will introduce the fourth-generation Carnival this summer, and the model will go on sale in its home country in the third quarter. It will begin arriving in other global markets shortly after. Although the company didn't specifically mention the United States, we'd bet on seeing it in showrooms as a 2021 model. Minivans are getting their lunch money taken by crossovers here, but the segment remains reasonably big. Kia is one of its underdogs: It sold 16,000 examples of the Sedona in 2019, while Honda and Chrysler each found nearly 100,000 buyers for the Odyssey and the Pacifica, respectively, and Toyota reported 73,585 Sienna sales.

Honda, Hyundai and Kia get best word-of-mouth recommendations in US

Forget advertising, incentives and, yes, even our excellently crafted vehicle reviews, sometimes the best way for automakers to sell cars is still good ol' fashioned word of mouth. In an attempt to measure this "word of mouth" power, The Boston Consulting Group, a management consulting firm, has created a new study called the Brand Advocacy Index (BAI). The index takes a look at how various industries perform from person to person. Those industries include automotive, smartphones, grocery, mobile telecommunications and banking.
The study polled more than 32,000 individuals across Europe and in the US to come up with the top 55 brands in these various industries. On the automotive side of things, the top brands in the US were Honda, Hyundai and Kia, all tied at 63 percent. On a global scale, Volkswagen and Toyota scored the highest with a 65-percent BAI rating (both in France). The average BAI for auto industry players tallied 50 percent.
As for companies in other industries, Apple's iPhone was the index's top-rated smartphone, Trader Joe's was the highest recommended grocery store, Virgin was sat atop the mobile telecom industry and USAA was the top retail bank. Scroll down for the full press release on the new study.