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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

2018 Kia Niro PHEV Review | More MPG than an SUV, less weird than a hybrid

PORTLAND, Ore. — It seems like such a no-brainer. The 2018 Kia Niro PHEV has the body of a little SUV, which is just the thing that everyone, their mother, brother, and friend named Phil are clamoring for at the moment. The rest of the plug-in hybrid segment is dominated by slug-shaped eco mobiles that ape the Toyota Prius or that are literally a Toyota Prius. Personally, I don't want to drive a slug. I also don't want to deal with weird interior controls, weirder interior design or four-person back seats. The Niro is very normal by comparison. Get in, press start, slide completely normal PRNDL shifter into D, and go. Better still, the PHEV doesn't suffer from the laggardly throttle response of the regular hybrid Niro that hampers drivability and makes its EPA-estimated 49 mpg combined a bit of a mirage. You'll either get that mpg and live with an accelerator pedal seemingly unattached to the powertrain, or slot the shifter into Sport and live with fuel economy in the low 40's. That's far superior to the 20-something you'd get in comparably sized SUVs, but still short of the 50-something-mpg in the Toyota Prius, Honda Insight or the Niro's mechanically related Hyundai Ioniq cousin. Compared to a typical, disconnected-feeling PHEV throttle, the Niro PHEV's throttle is perfectly normal, leaving Sport to those moments when you want a little extra zest from your plug-in hybrid (such a moment never seemed to arise). One can assume this is due to the larger battery that allows for greater electric input even when the plug-in battery range is depleted. When filled to the brim, it offers an EPA-estimated all-electric range of 26 miles, a figure I bettered by 1 mile during my evaluation route. That's nearly half of what you can get out of a Chevy Volt or Honda Clarity PHEV, but is similar to the Toyota Prius Prime and Ioniq PHEV. And really, how much you drive in all-electric mode makes the biggest difference. If your daily commute is in the 20-mile range, it doesn't really matter which of the above-mentioned plug-ins you choose. If it's more, though, the others will make more sense. The Volt and Clarity can run on electricity longer, and the Prius Prime and Ioniq are more efficient once their plug-in range is depleted. In the end, though, isn't this really just splitting hairs?

Kia recalling 96k Souls with sunroofs [UPDATE]

UPDATE: A previous version of this post indicated that the recall affected 2010-2014 models, when the recall ends with 2013 models. The text below has been revised accordingly. Kia has issued a recall for the 2010-2013 model-year Soul compact cars. But while the notice issued by the National Highway Traffic Safety Administration covers a long period of production – from January 8, 2009, to October 2, 2013 – the problem only affects those units equipped with a sunroof. In those specific models – of which Kia estimates there are 95,314 examples in the United States – the headliner plate surrounding the sunroof may detach when the side curtain airbag is deployed, which could serve to compound the risk of injury in the event of a crash. Owners of affected vehicles can expect to hear from the manufacturer to bring their Souls in to their local dealer to have industrial adhesive strips installed to secure the headliner in place, starting from early February. RECALL Subject : Headliner Plate Detachment Report Receipt Date: DEC 29, 2014 NHTSA Campaign Number: 14V822000 Component(s): STRUCTURE Potential Number of Units Affected: 95,314 Manufacturer: Kia Motors America SUMMARY: Kia Motors America (Kia) is recalling certain model year 2010-2013 Kia Soul vehicles manufactured January 8, 2009, to October 2, 2013, equipped with a sun roof. A headliner plate may detach during deployment of the curtain air bag. CONSEQUENCE: A detached headliner plate may increase the risk of injury to the occupant during a vehicle crash. REMEDY: Kia will notify owners, and dealers will install industrial adhesive strips to secure the headliner plates, free of charge. The recall is expected to begin February 2, 2015. Owners may contact Kia customer service at 1-949-468-4800. Kia's number for this recall is SC112. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.