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Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

Kia Stinger moves upmarket for the 2021 model year

Kia is giving the rear-wheel-drive Stinger a mid-cycle update that brings an updated design, a nicer interior, newer in-car technology, and a handful of powertrain tweaks. The sedan will reach showrooms by the end of 2020. Stylists played it safe when tweaking the front end, which receives redesigned lights that look darker than the current model's. Out back, the new-look lights are connected by a light bar, and the turn signals are made up of 10 individual LEDs arranged to resemble a checkered flag. Some variants are offered with bigger exhaust tips and a wider air diffuser, while new wheel designs and paint colors round out the exterior overhaul. Buyers will have two additional exterior packages to choose from. The first one, called Dark Package, adds a gloss black diffuser, black exhaust tips and black emblems. The second one, Black Package, bundles 19-inch matte black wheels, blacked-out trim, black mirror caps, and a trunk-mounted spoiler. Kia specifically pointed out the Black Package will be offered in North America, but it didn't reveal if we'll get the Dark Package. Kia explained it devoted a considerable amount of energy to making the Stinger's cabin feel more luxurious. It added nicer materials (like metallic trim on the steering wheel), a frame-less rear-view mirror, and, on some models, contrast stitching on the door panels as well as on the dashboard. The firm's newest infotainment system is displayed on a bigger, free-standing 10.25-inch touchscreen propped up on the dashboard. We'll need to be patient to find out what has changed under the hood. Kia alluded to a new powertrain lineup, but it won't reveal what's on the roster until a little bit later in 2020. As of writing, the Stinger's entry-level engine is a 2.0-liter four-cylinder turbocharged to 255 horsepower. Motorists who want quicker acceleration can select a twin-turbocharged, 3.3-liter V6 that develops 365 horsepower. Could there be a step up to the Genesis G80's 300-horsepower 2.5-liter turbo-four and 375-hp 3.5-liter turbo V-6? Rear-wheel drive and an eight-speed automatic transmission come standard regardless of cylinder count, and all-wheel drive is offered at an extra cost. Kia noted the updated Stinger will go on sale in South Korea during the third quarter of 2020. Sales in other global markets — including, presumably, the United States — will start shortly after, and additional details will be released in the coming weeks.

2020 Toyota Highlander vs other 3-row crossovers: There can only be one!

We've done quite a few spec comparison posts involving three-row family crossovers, and when included, the Toyota Highlander has always been the runt of the group. While the rest increasingly seemed to be benchmarking each other toward greater girth, the Highlander was the outlier.  That changes a bit for the 2020 Toyota Highlander, but only a bit. It's now larger and more competitive, specifically in regards to the amount of cargo space aft of the third-row seat. As you can see below, this aligns the Highlander most closely to its long-time competitor the 2020 Honda Pilot. However, let's see how it stacks up to others in the segment, which is heavily populated now, so for the sake of space, we've selected the newest entries: Kia Telluride, Hyundai Palisade, Subaru Ascent and Ford Explorer. The order in which they are presented is random.  Performance and fuel economy The 2020 Highlander is more than 200 pounds lighter than its predecessor, but has the same 295-horsepower V6 engine that was already one of the strongest in the segment. We'd say that would give it a leg up, but the Pilot and Explorer have proven to be sprinters, delivering 0-60 times in the low-6 range by some publications' stopwatches (or VBoxes, whatever). We don't expect the Highlander to beat them, but it may dip into the 6's. The heavy, less-powerful Subaru Ascent is most likely to take up the rear. It's fuel economy of 23 mpg combined also matches the Highlander and Explorer for segment-best. Remember, however, that the Explorer's turbocharged inline-four engine is likely more susceptible to differences in driving style (read: a heavy foot).  Of course, if you're really interested in fuel economy, the Highlander and Explorer are the only vehicles in the segment to offer hybrid versions. The Ford Explorer Hybrid puts a greater emphasis on performance, however, resulting in lower estimates of 25 mpg combined (AWD) and 28 mpg combined (FWD). By contrast, the new 2020 Toyota Highlander Hybrid is estimated to return 36 mpg combined.  Passenger and cargo space According to Highlander chief engineer Yoshikazu Saeki, he had a choice of two directions with the new Highlander. He could have indeed made it bigger, matching these very competitors, especially in terms of third-row and cargo space. Or, he could have maintained a smaller-than-average size. He obviously chose the latter. First, it was the size customers had come to expect. Would they be put off by something bigger?