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South Korea assists auto industry struggling with coronavirus fallout

SEOUL —  South Korea said on Monday it would provide logistical and financial support to help its auto industry through the coronavirus crisis, warning of disruptions to supply chains from Europe and the United States. The government said it would speed up customs clearance, arrange freight transportation and provide liquidity support for the industry, which employs about 12% of South KoreaÂ’s workforce, according to official figures. The coronavirus pandemic has led to shutdowns at auto factories and dealerships in the United States and Europe, which are expected to affect South Korean automakers such as Hyundai and Kia. “ItÂ’s time to prepare for the shock of a global demand contraction and European supply issues,” Industry Minister Sung Yoon-mo said in a meeting with parts supplier executives and industry associations, according to a readout from the ministry. “Survival is the most crucial thing in this unprecedented crisis when both demand and supply contract at the same time.” The ministry gave no details on how much liquidity support the government would provide or what form it might take. The assistance is part of 50 trillion won ($39 billion) in emergency financing announced last week to boost the economy. South Korea has reported 8,961 coronavirus cases and 110 deaths from the disease. Hyundai Motor closed its Montgomery, Alabama, assembly plant on Wednesday after an employee there tested positive for COVID-19. It also suspended production at its plants in the Czech Republic and India due to the coronavirus outbreak. Europe and the United States account for about 70% of Korean automakersÂ’ exports, and 54% of Korean parts exports, government data showed. A trade ministry official said South Korean exports would deteriorate in April and May, after rising 10% year-on-year in the first 20 days of March. Car exports rose 13.7% in the period, customs agency data showed on Monday. “For the time being, a drop in exports of cars and auto-parts are inevitable as car factories and dealerships are closing,” Sung said. South Korean automakers had stocked up on inventories which could last up to two months, Sung said. Related Video: Earnings/Financials Government/Legal Plants/Manufacturing Hyundai Kia coronavirus

Best plug-in hybrid cars, SUVs and minivans for 2024

We’re fans of electric vehicles, but they have their shortcomings. TheyÂ’re not available in as wide of a range of body styles as gas-powered cars, and theyÂ’re still limited by range and charging infrastructure. Plug-in hybrids (PHEVs) offer a great compromise, though, allowing for all-electric driving, but also having a gas engine for when you need more power or to travel long distances. Choosing a plug-in hybrid vehicle also allows more options; for instance, you canÂ’t get an all-electric minivan in the U.S. Â… yet. But with those extra PHEV offerings, it might be difficult to know where to start shopping. WeÂ’ve narrowed it down a bit, bringing you the best plug-in hybrids for 2024, as voted on by Autoblog staff, in various segments to help you pick a great PHEV based on your budget and needs. Best luxury plug-in hybrid large/midsize SUV: Volvo XC90 Recharge Despite showing its age, the Volvo XC90 remains an excellent three-row crossover in terms of design, comfort and safety, and the XC90 Recharge plug-in hybrid only improves the formula with both power and efficiency. Interestingly, with the gas motor powering the front axle and the e-motor powering the rear, the XC90 Recharge operates as a rear-wheel-drive car when only using electric power, and front-wheel-drive when only using gas. The powertrain is good for 455 horsepower and 523 pound-feet of torque, with a 5-second 0-60 time. It can travel 32 miles on electricity alone. Runner-up: Porsche Cayenne E-Hybrid   Best mainstream plug-in hybrid large/midsize SUV: Jeep Grand Cherokee 4xe Do you want an American PHEV with style, refinement and off-road capability? The Jeep Grand Cherokee 4xe combines all that with a turbocharged 2.0-liter and electric motor good for 375 horsepower and 470 pound-feet of torque, as well as an electric range of 26 miles. That means you can enjoy your favorite trails in near silence and make fewer trips to the gas pump on the way there. Runner-up: Kia Sorento Plug In-Hybrid   Best luxury plug-in hybrid compact/subcompact SUV: Volvo XC60 Recharge Volvo borrows the formula from the XC90 and places it in a smaller package to get the XC60 Recharge. It has the same 455 horsepower and 523 pound-feet of torque, but it drops the 0-60 time to 4.5 seconds while offering 35 miles of electric range. You can even pony up for the Polestar Engineered trim to get the Ohlins suspension, Brembo brakes, 21-inch forged wheels and unique styling.

Hyundai, Kia consider body-on-frame SUVs aimed at Tahoe and Expedition

Hyundai and Kia are open to expanding their presence in the SUV segment by each releasing a body-on-frame SUV. Both models will be marketed as alternatives to the Chevrolet Tahoe and the Ford Expedition. "From a brand perspective, obviously that is thinkable. Now, whether it makes sense, and in what region, and with what particular concept remains to be seen," said Lorenz Glaab, Hyundai's head of global product management, in an interview with Australia's CarSales. "Nothing can be excluded. There is some dynamism in that segment you just described, and we are very much aware of that. We monitor it closely," he added. Hyundai and Kia sell the Palisade and the Telluride, respectively. Both are rather large, reasonably spacious, and relatively powerful, but they can't compete against body-on-fame SUVs like the Tahoe, the Expedition, and the Toyota Land Cruiser, among others. They feature unibody construction, so they're not as capable off-road. While neither firm has suitable underpinnings to build an SUV on, CarSales believes both new models will ride on a modular frame being developed internally, in part to underpin a pickup about as big as the Ford Ranger. Kia officials requested a bigger, more rugged SUV earlier in 2020. Damien Meredith, the chief operating officer of the firm's Australian division, said he wants "one or two bigger SUVs." He also confirmed Kia will launch a Ranger-baiting pickup, which lends credibility to the claim that the platform will also be used to underpin an SUV. Powertrain specifications are still up in the air. Rear-wheel drive will presumably come standard, and four-wheel drive will be either offered at an extra cost, or made standard on some variants. CarSales speculates a two-speed transfer case could be available, and it added the 3.0-liter turbodiesel straight-six developed for the Genesis GV80 will be the base engine in some global markets. It's reasonable to assume a hybrid option will appear, too. If the report is accurate, both SUVs could land in 2023, meaning they might be labeled 2024 models in the United States. They'd also be sold in Australia, where motorists have a healthy appetite for off-roaders, in the Middle East, where the Land Cruiser and the Nissan Armada reign supreme, and in Russia. Interestingly, posh spin-off Genesis could receive its own version of the SUV, much like Lexus gets a specific variant of the Land Cruiser. Deja vu?