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Hyundai quality issues hammer quarterly profit report

SEOUL — South Korea's Hyundai said on Monday it swung to a net loss for July-September, missing market estimates by a wide margin, as costs related to engine quality issues and recalls smashed what would otherwise have been strong earnings. Hyundai, the world's fifth-biggest automaker when combined with affiliate Kia, reported a net loss of 336 billion won ($297.72 million). The average of 12 analyst estimates complied by Refinitiv was 1.2 trillion won in profit. The automaker said it booked 2.1 trillion won to cover charges related to engine defects that increased the risk of stalling and fire. The years-long quality problems have cost Hyundai and Kia nearly $5 billion and left the pair subject to a probe by U.S. authorities over the manner of their recalls. "Third-quarter results reflect engine-related provision expenses as the company took preemptive measures to ensure customer safety and cover any possible future increase in quality-related expenses," Hyundai said in a statement. "We sincerely apologize to our shareholders and investors for having repeated quality cost issues over three quarters since 2018," an executive told an earnings briefing. Operating loss for the third quarter was 314 billion won. Excluding quality costs, the figure would have been 1.8 trillion won profit. Revenue rose 2.3% on year to 27.6 trillion won. Analysts said the operating loss was not as deep as expected as Hyundai enjoyed firm sales in the quarter backed by increased demand in the United States and emerging markets such as India. Its stock rose as much as 4.2% after the announcement versus a 0.3% fall in the benchmark KOSPI in afternoon trade. Related Video: Earnings/Financials Hyundai Kia

Next-generation Kia Sorento snapped undergoing testing

Kia has been busy - a refreshed Sorento just arrived in showrooms for the 2014 model year and the Korean manufacturer is already out undergoing advanced testing in the next-generation model. How, pray tell, do we know how far along testing is? Notice any cladding, or coverings, aside from the regular vinyl camo? Right.
Our predictive talents aside, there are still a lot of questions about the next Sorento. We don't have much to go on with the technical specs, although we'll be thunderstruck if there isn't some form of the Hyundai/Kia 2.0-liter turbo under hood. Our spies report that this new model is somewhat larger than the current Sorento, hinting that it might be riding atop the same platform as the long-wheelbase Hyundai Santa Fe. That could indicate an available V6 model, as well. Judging by the profile views, we'd bet our bottom dollar this is a three-row model.
The conflicting nature of a refreshed Sorento hitting dealers and an advanced prototype out testing in Europe makes it difficult to pin down a date for the third-generation CUV's debut. We doubt we'll be seeing the new Sorento before the end of the year - a 2014 debut with a 2015 on-sale date just seems more likely in light of the newness of the refreshed model.

2020 Kia Cadenza gets a bigger touchscreen and a new dash to fit it

Admit it, you forgot the Kia Cadenza existed. You might've even thought it was something you put in the living room somewhere between the hutch and the chesterfield. But the 2020 Kia Cadenza is a thing, still, and the full-size sedan's even been given a nip, tuck and extra features for this new model year. To the surprise of no one, this revised Cadenza is identical to the Korean-market K7 we showed you last June. We even included some of those images in the above gallery since Kia only provided a pair of pics for the Chicago Auto Show reveal. However, as it seems likely you'll need side-by-side images to tell the difference between the 2019 and 2020 Cadenzas, here you go. There. As you can now tell, the 2020 Cadenza has an enlarged concave grille that nevertheless maintains Kia's signature "tiger nose" shape. The headlights are now all-LED and fit within a sleeker slit-like housing. The bumper portion has also been redone with the old quad pod of LED lights in each corner giving way to an architectural metallic trim piece that spans its width. The rear bumper and taillights have also been given a re-think. The interior gets more noteworthy changes, however. The dash has been redone to accommodate the standard 12-inch panoramic touchscreen that migrates from the Telluride and other higher-end vehicles in the Hyundai empire. The air vents are now below the screen rather than on either side of it, and the screen itself fits just forward of the concave dash surrounding it. The design achieves the purpose of reducing visual bulk without resorting to the iPad-glued-to-the-dash look. The climate and secondary infotainment controls were also lowered and rearranged into a waterfall panel that now meets up with the center console. 2020 left, 2019 right Interior feature content is largely the same apart from three extra USB ports (one more up front, two in the rear) and an enhanced 10-watt wireless charging pad. It's the safety tech roster that really gets bolstered, however, as Kia's Drive Wise suite of driver assistance features now comes standard. This includes the extensive blind-spot monitoring system that won Autoblog's Technology of the Year award, as well as forward collision warning with pedestrian/cyclist detection and automatic emergency braking, lane-keeping assist, adaptive cruise control with steering assist and navigation-system input, and the Safe Exit Assist feature that warns passengers when traffic is detected from the rear.