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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

2020 Honda CR-V Hybrid vs other hybrid crossovers | How they compare on paper

The long-anticipated 2020 Honda CR-V Hybrid was announced yesterday, and although we don't have every spec available (including the all-important official fuel economy figures), Honda provided enough that we can piece together a comparison of powertrain specs and dimensions. The same can be said of the 2020 Ford Escape Hybrid, which we just drove for the first time.  Together, they represent a significant increase in the number of compact crossover hybrids, as the current total is one: the 2019 Toyota RAV4 Hybrid. The old Nissan Rogue Hybrid has been discontinued, leaving the subcompact Kia Niro Hybrid as the only other vehicle in the ballpark. As you'll see below, its size and performance are much different than the others, but its fuel economy and price are superior.  Performance The RAV4 Hybrid is the performance champ of the group, but both it and the new CR-V Hybrid are actually more powerful than their respective gas-only siblings. Although the added weight of its battery pack negates much of that horsepower advantage, the RAV4 Hybrid's subsequent acceleration is indeed a smidge quicker than the gas-only version. It will be interesting to see if that's the case with the CR-V. By contrast, the Ford Escape offers a 250-horsepower 2.0-liter turbo engine, meaning the hybrid variation is most definitely not the Escape's highest-performance offering. Nevertheless, the Hybrid does produce more power than the base 181-horsepower 1.5-liter three-cylinder. The Niro, meanwhile, brings up the rear in terms of performance, but Kia estimates a perfectly acceptable 0-60 time of 8.6 seconds. The others are likely in the mid-7-second range. Fuel economy This is ultimately an open question since we don't have official figures for the CR-V and Escape. Based on Honda's estimate of the CR-V Hybrid being 50% more efficient in the city than the gas-only version, our calculators say it should get 43 mpg in the city. Then, based on information provided on the Escape Hybrid first drive and some more calculation, our best guestimate for it is 40 mpg. Either way, given how mpg is calculated, any potential differences between them in terms of actual fuel burned should be negligible.  On the other hand, most Kia Niros sold get 51 mpg in the city and 49 mpg combined. According to the EPA, that translates to an annual average fuel cost of $750. The RAV4 Hybrid, by contrast, is $900.  FWD vs AWD Note that the CR-V and RAV4 come standard with all-wheel drive.

Kia teases handsome 2021 Sorento interior with design sketches

True, we've seen the fourth-gen, 2021 Kia Sorento uncovered on a commercial shoot, answering the biggest question we had about one of Kia's bestsellers. On top of that, an Instagram post revealed a couple of low-res interior shots. Kia's carried on with the tease campaign, serving up interior sketches that tell us more about the cabin than the photos. As with with exterior, the revamped passenger space leaves benign curves of the third-gen Sorento behind. Strong horizontal layering is broken up by vertically oriented vents. A 12.3-inch digital cluster lives behind the steering wheel, the screen blending almost seamlessly into a 10.25-inch infotainment display. Another screen for climate control sits dead center on the console, with a few buttons and toggles to improve ease-of-use. A large knurled knob stands atop the center tunnel, it being the rotary shifter that supplants the current gear lever. Behind that, another knurled dial could control the choice of driving modes. That smaller unit is accompanied by a number of buttons for features like auto stop/start, a parking sensor, and the electronic parking brake. The stitched leather upper on the instrument panel should be joined by upgraded fabrics, materials, and finishes throughout. There's also talk of a hidden rear wiper, but we need to wait for the reveal to understand what that's about. The Korean Car Blog happened upon an Excel spreadsheet with engines listed for the crossover internally codenamed MQ4. Globally, the coming Sorento's full complement of powertrain options will cover possibly four four-cylinder gasoline engines, Kia's new R diesels, an eight-speed automatic transmission, a six-speed auto, and — if we can believe our eyes — a four-speed manual. TKCB says the gas engines for the U.S. market should include a 2.5-liter naturally-aspirated four-cylinder, a 2.0-liter turbocharged four, and a 2.5-liter turbo four. Since we know the new Sorento will come in a hybrid flavor, expect the 1.6-liter turbo four this way as well. That seems like a lot of choice, though, what with the current Sorento offering only a 2.4-liter four-cylinder and a 3.3-liter V6. And on the spreadsheet, the eight-speed dual-clutch is only paired with the diesel engine; the gassers get the six-speed auto or the manual. The 2021 Sorento debuts in a little more than two weeks at the Geneva Motor Show on March 3. American audiences could greet it as soon as the New York Auto Show in April.