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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.

New Kia Soul Turbo gets futuristic full-width headlight treatment

When we last saw a prototype of the next-generation Kia Soul, it looked like it wouldn't look all that different from the old one, except for having trendy split headlights. As it turns out, those split headlights are more interesting than we thought. The example of the new compact hatchback shown above reveals that it will have a futuristic-looking full-width headlight treatment, something we haven't really seen since the early Mercury Sable. It's clear from these photos that the full-width lights are not the actual headlights that provide forward illumination. They're just accent lights, but the effect is still impressive. It appears the turn signals are integrated into each end of the big light. The center section also eliminates the old Soul's center grille. Below the lighting unit is an expanded lower grille and large lighting elements on either side. These are real forward-illuminating lights. In the bottom of the lower grille are a pair of foglights much like on the current model. The Soul's profile looks almost unchanged from the current model, leading us to wonder if this is a major update to the existing car, or if it is a new platform that just looks mostly like the old one. The tail end receives some major changes, though. The taillights are now almost completely visible, and although they still run up the rear pillars, they now descend lower and into the hatch area. They appear much more shapely and aren't form fitted to the body. This particular prototype also has a sporty dual exhaust tip in the center. This seems to indicate this is a Kia Soul Turbo model, as does the fact it's parked next to a Hyundai Veloster N. Not much is known about the new Kia Soul. We expect it to be roughly the same size as the current model, and we wouldn't be surprised if Kia offers all-wheel drive to keep it competitive with other tiny crossovers. As for the Kia Soul Turbo, we predict it will use the same turbocharged 1.6-liter four-cylinder that the current model and the new Hyundai Veloster Turbo use. We do hope that Kia will offer it with a manual transmission this time around. Related Video:

Hyundai, Kia recalling 1.2 million vehicles for seized engines

The Basics: Hyundai and Kia are recalling a total of 1,190,160 vehicles because the engine may seize, resulting in a crash. The vehicles affected are the 2013-2014 Sonata and Santa Fe Sport and the 2011-2014 Optima, 2012-2014 Sorento and 2011-2013 Sportage. The Problem: Errors during the machining process can cause a bearing in the engine to prematurely wear. This could cause the part to fail and the engine to seize. This in turn may cause a vehicle to crash. The issue was found due to the high number of warranty repairs for a recurring issue. Injuries/Deaths: There was no information on the websites for the National Highway Traffic Safety Administration, Hyundai, or Kia. We've reached out to the automakers for comment. The Fix: For Hyundai, the automaker will notify owners, and dealers will inspect the engine, replacing the engine short block, as necessary, free of charge. The recall is expected to begin May 19, 2017. Owners may contact Hyundai customer service at 1-800-633-5151. Hyundai's number for this recall is 162. The same goes for Kia, though the recall is expected to begin May 25, 2017. Owners may contact Kia customer service at 1-800-333-4542. Kia's number for this recall is SC147. If You Own One: Wait for the notification letters from Hyundai and Kia. When possible, take your vehicle to your local dealer. If you want more details, contact either automaker at the number above. Related Video: Recalls Hyundai Kia kia sorento kia sportage hyundai santa fe sport