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Nuclear deal could make Iran next big car market

Iran is a huge and hugely appealing target for Western firms - it's population is nearly the size of Germany's, it is well educated and includes a substantial middle class, and there is a built-in industrial capability. Because of the sanctions that have been in place for nearly five years now over its nuclear program, however, its citizens and domestic industry haven't been able to purchase and expand, so investment opportunities are not only manifold, they are severely undervalued. Most of the auto industry has been sitting on the sidelines waiting for the Iranian game to start. A report in Automotive News says that Iran's two automakers, Iran Khodro and SAIPA - Societe Anonyme Iranienne de Production Automobile - produced one million light vehicles last year for 77.5 million people. According to Wikipedia there were 200 vehicles per 1,000 citizens in 2012, and that was before the industry took a nosedive. That number puts it between Uruguay and Jamaica. Chery, Kia, Peugeot, and Renault were the carmakers with major operations in-country before all but Chery pulled out. In the vacuum, Chery and other Chinese automakers have thrown lots of product at the market, getting 27 models in a range of segments built or supplied there, with results that are probably best described as ambivalent among observers but financially lucrative for the Chinese. Peugeot has re-established ties, and Kia, Mercedes-Benz, Peugeot, Renault, Toyota, and Volkswagen were attendees at the Iran Auto Show last November. The domestic companies say that this time they want local investment that includes technology transfer, so the Western carmakers that do decide to get in will find tougher negotiators than before. Peugeot, for instance, had a 51-49 partnership with Iran Khodro before pulling out; the new agreement is a 50-50 venture. As a 'gift' to the world for a final deal that encourages global investment, Bloomberg says that the price of crude would go down by $15 per barrel. News Source: Automotive News - sub. req.Image Credit: Atta Kenare/AFP/Getty Images Earnings/Financials Government/Legal Kia Peugeot Renault iran sanctions khodro

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.

NBA players make some weird car commercials

If you've been watching Round 1 of the NBA Playoffs this year (or network television in general), there's a great chance that you've seen the spot above. If you're like me, you've also found the premise slightly ridiculous. Don't get me wrong, I think the Kia K900 is a spacious, well-appointed large car, and a value at that. But LeBron has made more than $130,000,000, just from playing basketball, in the last decade; the dude has got to have a man cave or something. But Kia's commercial is far from the most far-fetched where NBA players and cars are concerned. As you'll see below, long before Blake Griffin was pretending his Kia was a horse, pro ballers have been pitching products, and pitching them badly. (It's not car-based, but I would never forgive myself for not dropping the link to this spot featuring all of the 1986 Boston Celtics, shilling for a steakhouse. Horrifying.) Enjoy the carnage, and the rest of the second season. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Wilt Chamberlain – Volkswagen Beetle King James might have an acre of legroom in his K900, but Wilt The Stilt wasn't so lucky with the original Volkswagen Beetle. Wilt Chamberlain measured out at 7-feet, 1-inch, making him just slightly too large for the love bug. With this spot, VW employed the same self-effacing charm that made its legendary "Lemon" ad so impactful. (And Billy Cunningham gets a cameo out of the deal.) This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Carmelo Anthony – Eastern Motors Washington D.C.-area Eastern Motors knows what it has with this jingle. That's one hell of a hook. You probably won't believe Carmelo Anthony's half-hearted lip-syncing (and air drumming), but there's a good chance that the song will have you bobbing your head at the end of thirty seconds. Mission accomplished. Anyway, the formula must be pretty dialed in; Melo's spot is pushing ten years old but Bradley Beal's version from 2014 sounds eerily familiar. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. San Antonio Spurs – H-E-B The San Antonio Spurs may have a two-decade dynasty going, but they're still a small-market NBA team. That means that even big stars, like Hall of Fame locks Tim Duncan and Manu Ginobili, occasionally get hooked up for local spots.