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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.

Kia teases Geneva concept, is a Nissan Juke rival in the cards?

These four photos tell us most about the pomegranate-red concept Kia will be bringing to this year's 2013 Geneva Motor Show. An accompanying 66-word press release gives away nothing, so we're left to wonder if this is some kind of Nissan Juke rival that the South Korean company is toying with.
Even with the exaggerated dimensions of concept cars, this unnamed "urban concept car" looks somewhat larger than the average subcompact hatch, and there are some seriously Juke-ish lines around the rear three-quarter. This concept, however, appears to be a two-door model, unlike the Juke with its hidden rear handles, but that doesn't mean a production model couldn't add a couple of entry points.
We'll know for sure in March. You'll have to make the four high-res photos and those 66 words in the release below last until then.

2020 Kia Telluride is an American-made SUV, for America

Given consumers' ravenous appetite for them, it's little surprise that Kia is introducing a larger, more upmarket SUV in the Telluride as the newest entry in its lineup. But the automaker turned to classic SUVs of yesteryear as influences for the intentionally boxy and very American design that it hopes will translate with consumers. Dubbed a midsize by Kia, the Telluride will slot above the entry-level, compact Sorento as the flagship of the Korean automaker's utility-vehicle lineup. Michael Cole, Kia's North America chief operating officer, said the midsize segment is forecast to grow from 1.6 million units sold in the U.S. in 2018 to 1.8 million in five years. "This was somewhere we needed to be," he said. It's also the first Kia designed specifically for the U.S. market, with its off-road features like on-demand electronic all-wheel drive transferring torque between the front and rear wheels and its strong, stiff body, further emphasized by its unveiling in Detroit on a landscaped "torque track" assembled in surplus space on the Cobo show floor. It'll also be built at Kia's plant in West Point, Ga. "It's very much a U.S.-targeted vehicle," Cole said. "We will have some export. But the message is, made in America, made for America, it's a U.S.-centric car." Designers at Kia's design center in Irvine, Calif. "wanted to get back to a traditional SUV styling," Chief Designer Tom Kearns said. "So many EVs and SUVs these days are trying to look sporty and more car-like, more sedan-like. We didn't want to go with that approach." Kearns said his design team members referenced old-school SUVs like the Ford Bronco, old Land Rovers and the original Chevrolet Blazer when creating the Telluride, Kia's largest SUV yet. "It's not retro, but we like the genuine feel and look, the purity of old-school SUVs with the long hoods, little bit more upright windshield, not a lot of glass angles, tumblehome a little more upright, just feels more purposeful and genuine to us," he said. "Our goal is very clean, very simple, not a lot of ornamentation, just a pure, nice form that's hopefully conveying a clean, functional appearance." Inside, the designers took largely the same approach, with a clean console that emphasizes horizontality and width, matte-finished wood and simulated brushed metal accents and big grab handles flanking the shifter that emphasize the vehicle's sense of adventure.