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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.

More than a half-million Hyundai, Kia compacts recalled for brake light problem

Hyundai and Kia will recall more than a half-million compact cars in the U.S. starting next year because of a brake-light problem. The recall covers more than 390,000 Hyundai Elantras from the 2013 and 2014 model years, and more than 134,000 Kia Forte cars from 2012 through 2014. The Associated Press, citing documents the companies filed with the federal government, reports that a polymer stopper pad between the brake pedal arm and the light switch can deteriorate and keep the brake lights on when the brakes aren't actually engaged. The problem also means a driver can shift out of park without stepping on the brake pedal. Neither automaker reported any crashes or injuries stemming from the issue. Dealers will replace the stopped pads starting Jan. 30 for Kia and Feb. 8 for Hyundai.Related Video:

Kia and Amazon team up to sell at-home electric charging stations

Amazon really wants to be the one-and-only destination you go to for online shopping, and it's edging a little further into the car world with its latest partnership. Kia is teaming with the online retail giant to sell and install Level 2 chargers for your home. To buy the chargers on offer, you'll need to own/lease an electric or plug-in Kia, or at least have one on order. That includes the Niro EV, Soul EV, Niro PHEV and Optima PHEV. Amazon has previously partnered with Audi to offer installation services is preparation for the E-Tron rollout, but this version of the program is framed differently and meant for Kia owners. This is being done in an attempt to make buying and installing these kind of chargers easier. Most folks know and understand Amazon, so buying everything you might need to get an electric car charger up and running from them could be a comforting process. The benefit to this way of acquiring a 240-volt charger is that Amazon sets up the whole installation process. It'll call out an electrician to inspect your house to see if any changes need to be made to support it, then install the charger. A choice of three Level 2 car chargers are being sold through this partnership. The brands include Bosch, ChargePoint and JuiceBox, ranging from most to least expensive respectively. Access to a Level 2 electric car charger will make your life with an electric car all the better. The 2020 Soul EV (shown below) and 2019 Niro EV both get to a full charge in a little more than nine hours on a Level 2 plug versus a long 59-hour wait from a Level 1 charger. You can get by with Level 1 sometimes, but getting home on a depleted battery late at night then leaving early in the morning doesn't work. In these situations, juice at a faster rate is deeply needed. The chargers are available for purchase now. 2020 Kia Soul EV View 11 Photos