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Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.

Kia recalls 98,000 Sedona minivans for suspension corrosion

The Basics: Kia is recalling 97,884 Sedona minivans built between June 15, 2005, and Aug. 12, 2012 over potential corrosion of front lower control arms. This is the second time Kia has recalled Sedona vans of this era for suspension corrosion issues. It's also worth noting that the Korean automaker is also recalling certain Sedona models over hood latches that could corrode. The Problem: Vehicles registered in any of the 27 states that use salt to de-ice roadways (see the complete list below) could have prematurely worn suspension components that vibrate or even break. That, as you can imagine, could lead to an accident. Injuries/Deaths: None reported. The Fix: Dealers will inspect and, if needed, replace the minivan's front control arms. Additional anti-corrosion coatings will be applied to keep this problem from happening again. Owners should expect a notice around July 25. If you own one: You can contact Kia at 1-800-333-4542 (Kia's number for this recall is SC133), or the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 for more information. Related Video: RECALL Subject : Front Lower Control Arm Corrosion Report Receipt Date: JUN 01, 2016 NHTSA Campaign Number: 16V387000 Component(s): SUSPENSION Manufacturer: Kia Motors America SUMMARY: Kia Motors Corporation (Kia) is recalling certain model year 2006-2012 Kia Sedona vehicles manufactured from June 15, 2005, through August 14, 2012 and originally sold in, or currently registered in Alaska, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Utah, Vermont, West Virginia, Wisconsin and the District of Columbia. In the affected vehicles, the front lower control arms may break due to corrosion from salt water exposure such as from road salt use. CONSEQUENCE: A broken control arm can result in the loss of control of the vehicle, increasing the risk of a crash. REMEDY: Kia will notify owners and dealers will replace the front lower control arms on 2006-2007 models. 2008-2012 models will either have their front lower control arms replaced or additional anti-corrosion coating will be applied. These repairs will be performed free of charge. The recall is expected to began on July 25, 2016. Owners may contact Kia at 1-800-333-4542. Kia's number for this recall is SC133.

2020 Kia Soul EV earns 243-mile EPA range rating

Kia is diving head first into the world of electric cars, and now we know how far its new Soul EV can go on a full charge: 243 miles, according to its EPA rating. This officially makes it the longest-range EV in Kia's lineup, because the Niro EV is rated for 239 miles. The Hyundai Kona bests them all with a 258-mile range, though. We got to see the Soul EV at the Los Angeles Auto Show last year for the first time, but could only guess at the range then. It was expected to see huge gains compared to the first electric Soul, which is rated at 111 miles in its last year of duty here in 2019. Range similar to the Niro and Kona is no surprise, as it borrows the powertrain out of those cars. A 64 kWh battery pack provides juice for an electric motor producing 201 horsepower and 291 pound-feet of torque. DC fast charging is standard and you can adjust the brake regeneration power via paddles behind the steering wheel. Anyone looking at an EV from Kia or Hyundai is going to have to make a choice when it comes to bodystyle, because they won't lose or gain much on the powertrain and efficiency side of things. A 243-mile range is more than sufficient to compete in the electric vehicle world right now, especially if you can get that range on the quirky but lovable Soul. The Bolt EV is sitting at 238 miles of range, and the new Nissan Leaf E+ can go 226 miles before fully depleting its battery. You'll be able to choose between the normal Soul EV or the Soul EV Designer Collection at launch. The Designer trim gets a two-tone paint scheme along with other additions like a leatherette interior, 10-speaker audio system and wireless charging. Pricing isn't available yet, but will be announced closer to the on-sale date. Kia says to expect it in the first half of this year. Related Video: