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Hyundai, Kia warn of $2.9B earnings hit over engine issues

SEOUL — Hyundai Motor and affiliate Kia Motors warned of another $2.9 billion of provisions related to engine issues, bringing their total hit from the years-long quality problem that has tarnished their credibility to nearly $5 billion. Hyundai Motor Group said on Monday their third-quarter earnings would reflect quality-related costs of a combined 3.36 trillion won ($2.94 billion), of which Hyundai accounted for 2.1 trillion won and Kia for 1.26 trillion. Hyundai and Kia, together the worldÂ’s No.5 automaker, recalled nearly 1.7 million vehicles in 2015 and 2017 in one of their biggest recalls in the United States, citing an engine failure that raises the risk of crashes. In 2017, U.S. safety regulators began to investigate if the recalls had covered enough vehicles and were done in a timely fashion. That followed concerns reported by a South Korean whistleblower, a former quality official at Hyundai, to the U.S. National Highway Traffic Safety Administration (NHTSA). Hyundai was being investigated by U.S. prosecutors over whether vehicle recalls were conducted properly, Reuters reported in 2018. From 2017 to 2019, the two firms have earmarked a series of provisions mostly to address engine-related issues, which amounted to about 2.04 trillion won, according to Reuters' calculation. The latest provisions reflect higher-than-expected replacement rates for Theta II GDi engines of old vehicles subject to recalls, as well as growing consumer complaints over the same engine and other engines not subject to recalls, Hyundai said. The engine is in a wide variety of vehicles. "Hyundai has repeatedly said it does not see any more costs related to the Theta II engine issues, and the latest recall would deal a fatal blow to Hyundai's credibility," Sean Kim, an analyst at Dongbu Securities said. "I am worried." He expected Hyundai and Kia to swing to losses for the quarter from July to September, hit by the provisions. Hyundai Motor closed down 2.3% and Kia Motors ended down 1%. ($1=1,141.42 won)   Earnings/Financials Recalls Hyundai Kia

Watch these Super Bowl car commercials [UPDATE]

On Sunday, February 3, the New England Patriots take on the Los Angeles Rams in Super Bowl 53 at Mercedes-Benz Stadium in Atlanta, Georgia. Some will watch because of the storyline of the old-school dynasty facing off against the new-school wunderkinds, but a large chunk of people will solely be watching for the commercials. Lucky for those who slot into the latter category, many of the manufacturers release their super bowl ads ahead of time, or have simply opted to release the commercials only online. Scroll down to see what car companies have already shown their cards. Audi Audi goes the comedic route in its clip for the Big Game. It starts with a grandpa showing his grandson a gorgeous Audi e-tron GT tucked away in a garage before he's shaken awake. Turns out he was just choking on a cashew in his cubicle at his boring job. Dodge Dodge does what it knows: create enough smoke to punch more holes in the ozone layer. Set to "The Devil Went Down to Georgia (the Super Bowl is in Atlanta, get it!?), a Challenger SRT Hellcat widebody, Charger SRT Hellcat, and Durango SRT are seen ripping through a city, leaving a trail of rubber crumbs in their wakes. Genesis Genesis has not yet released a commercial prior to the Super Bowl, but it is the official luxury vehicle of the NFL. Because of this, Genesis is hosting a fan experience for 10 days before the game. It will showcase the brand's cars, offer games, and have photos opportunities and autograph days. Hyundai Jason Bateman alert! Hyundai is one of the few companies to hook a major celebrity for its advertisement, and the casting is perfect. Bateman plays a doorman who takes people to various terrible events in life, including root canals, the middle seat, and shopping for a car. The ad centers around Hyundai's Shopper Assurance, which is Hyundai's new method for car shopping. Jeep An old 1963 Jeep Gladiator finds its strength in the crusher and transforms into a a new 2020 Gladiator, with a firm declaration that the nameplate is officially back. Kia Through Kia's commercial, a young boy wonders out loud what it'd be like if the millions spent on Super Bowl commercials were used to help others.

Kia shows the inside of its body-on-frame Mohave the Master SUV

Kia published a sketch showing the inside of a full-size SUV named Mohave the Master that it plans to launch in its home market in the coming weeks. The family hauler will be positioned near the top of its South Korean range as its most expensive high-riding model, and unverified rumors claim it could appear in American showrooms sooner or later. Presumably named after the Mojave Desert, the Mohave lives up to its upmarket positioning with an elegant-looking interior characterized by horizontal surfaces that emphasize its width, wood trim, plus contrast stitching on the dashboard and on the door panels. Keep in mind the sketch might show a relatively expensive trim level, and lesser variants could look considerably less posh. The sketch suggests the Mojave shares no parts with the Telluride, the three-row SUV Kia launched on the American market in 2019. The infotainment system's touchscreen is neatly integrated into the dashboard, not propped up on it, and silver accents frame the piano black center console. The Telluride is Kia's answer to the Volkswagen Atlas; the Mohave looks like the firm's Touareg. kia-mohave-the-master-exterior-1 View 3 Photos Stepping outside, the Mohave wears a bold design defined by an upright grille with chrome-look vertical slats, LED headlights and a model-specific emblem instead of the usual Kia logo. Its rear end receives a wide light bar with LED inserts that echo the shape of the grille. The fresh design hides an evolution of the body-on-frame architecture found under the previous Mohave, which the firm's American division launched as the short-lived Borrego in 2008. While Kia hasn't released technical specifications, the emblem on the hatch confirms one of the engines offered will be a 3.0-liter V6. It might be the turbodiesel unit currently available in the Mohave, though it's not unreasonable to assume Kia will also offer a gasoline-powered six. Another emblem denotes the availability of four-wheel drive.  The Kia Mohave the Master will allegedly go on sale in South Korea in September, so a full reveal is imminent. Rumors point to an American comeback, but Kia hasn't announced plans to add another SUV to its line-up in the United States. Auto News Kia SUV