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Hyundai will invest $35 billion in autonomy and emerging technologies

SEOUL — Hyundai Motor Group said it plans to invest $35 billion (41 trillion won) in mobility and other auto technologies by 2025, part of which will be directed to an ambitious effort to become more competitive in self-driving cars that has also received government backing. The plan, which Hyundai said encompasses autonomous, connected and electric cars as well as technology for ride-sharing, comes after the automaker and two of its affiliates announced an investment of $1.6 billion in a venture with U.S. self-driving tech firm Aptiv. South Korea's government is also onboard, unveiling more funding for autonomous vehicle technology with President Moon Jae-in declaring on Tuesday that he expected self-driving cars to account for half of new cars on the country's roads by 2030. "The self-driving market is a golden market to revitalize the economy and create new jobs," Moon said in a speech at Hyundai Motor's research center near Seoul. The government intends to spend 1.7 trillion won between 2021 and 2027 on self-driving technology. It expects Hyundai to launch level 4, or fully autonomous, cars for fleet customers in 2024 and for the general public by 2027, an industry ministry official told Reuters. But some experts question whether targets set by the government and the automotive group, which also includes Kia Motors, are realistic given the technological and cost challenges and the lack of home-grown technology. In a 45-page report on future automotive technology, the government acknowledged South Korea lags in some key areas necessary for self-driving cars such as artificial intelligence, sensors and logic chips. "Hyundai has to buy technology from someone else because it lacks software technology. Even though it has a lot of cash, this could become a financial burden if its earnings deteriorate," Esther Yim, an analyst at Samsung Securities, said. Other analysts noted that the prospects for self-driving cars are quite murky. General Motors' self-driving unit, Cruise, said in July it was delaying the commercial deployment of cars past its target of 2019 as tech firms and automakers acknowledge it will take more time and money than they had expected to make autonomous vehicles safe for unrestricted use on public roads. South Korea's government said it would prepare a regulatory and legal framework for autonomous cars and the safety questions they pose by 2024.

Foreign automakers pay from $38 to $65 per hour to non-union workers

As leaders for the United Auto Workers gather in Detroit for their Special Convention on Collective Bargaining to work out the negotiating stance for this year's new labor agreements with the Detroit 3 automakers, what they most want to do is figure out how to eliminate the two-tier wage scale. However, the lower Tier 2 wage has allowed the domestic automakers to reduce their labor costs, hire more workers, and compete better with their import competition. As it stands, per-hour labor rates including benefits are $58 at General Motors, $57 at Ford, and $48 at Fiat-Chrysler – a reflection of FCA's much greater number of Tier 2 workers. The Center for Automotive Research released a study of labor rates (including benefits) that put numbers to what the imports pay: Mercedes-Benz pays the most, at an average of $65 per hour, Volkswagen pays the least, at $38 per hour, and BMW is just a hair above that at $39 per hour. Among the Detroit competitors, Honda workers earn an average of $49 per hour, at Toyota it's $48 per hour, Nissan is $42 per hour, and Hyundai-Kia pays $41 per hour. The lower import wages are aided by their greater use of temporary workers compared to the domestics. Automotive News says the ten-dollar gap between those foreign camakers and the domestics turns out to about an extra $250 per car in labor, which adds up quickly when you're pumping out many millions of cars. That $250-per-car number is one that, come negotiating time, the Detroit 3 will want to reduce, as the UAW is trying to raise both Tier 1 and Tier 2 wages. Another wrinkle is that the domestic carmakers are considering the wide adoption of a third wage level lower than Tier 2. Some workers who do minor tasks like assembling parts trays kits and battery packs already make less than Tier 2, but the UAW will be quite wary about cementing yet another wage scale at the bottom of the system while it's trying to fight a bigger battle at the top. News Source: Automotive News - sub. req., BloombergImage Credit: AP Photo/Erik Schelzig Earnings/Financials UAW/Unions BMW Chevrolet Fiat Ford GM Honda Hyundai Kia Mercedes-Benz Nissan Toyota Volkswagen labor wages collective bargaining labor costs

2024 New York International Auto Show not-so-mega photo gallery

The 2024 New York Auto Show press preview is in the bag and the public show has begun, and that means only one thing: Our work here is done. But really, we've been done since about mid-morning on Wednesday. As you'll see from the paltry selection of galleries below, the 2024 New York Auto Show wasn't much of one. And what there was? Well, in a word, it was Hyundai.  As you scroll through the galleries below, you'll note that we have items from essentially two global conglomerates. In one corner, there's Hyundai, Genesis and Kia. In the other, we have Nissan and Infiniti. But that's being a bit generous to Nissan and its luxury subsidiary, because while this is the first chance we really had to see the Nissan Kicks and Infiniti QX80 in person (and that's not even entirely true of the latter), they weren't actually revealed at the show.  New York has never been America's biggest "international" auto show, but it has been the venue for some big unveilings. In 2012, the new SRT Viper debuted to great fanfare at NYIAS; the Lincoln Aviator made a big splash in 2018; how about the Alfa Romeo 4C in 2014? And those are just cherry-picking from the past decade. By comparison, the 2024 show feels a bit uninspired. Yes, we would have liked to have seen some Vipers. Sue us.  But we'll stop dwelling on what we can't resurrect. There's plenty to see at the show this year if you're planning to go in person, so don't let our negativity deter you. For those who can't be there, here's what you're missing: Genesis G80 Magma View 9 Photos 2025 Genesis G80 Magma Genesis GV60 Magma Concept View 10 Photos 2025 Genesis GV60 Magma 2025 Hyundai Tucson XRT View 14 Photos 2025 Hyundai Tucson 2025 Hyundai Santa Cruz XRT View 11 Photos 2025 Hyundai Santa Cruz InfinitiQX80-Z63-051 View 39 Photos 2025 Infiniti QX80 2025 Kia K4 Live View 7 Photos 2025 Kia K4 Sedan 2025 Nissan Kicks View 10 Photos 2025 Nissan Kicks     New York Auto Show Genesis Hyundai Infiniti Kia Nissan