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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 previews the seven electric cars it plans to launch by 2027

Kia released a dark design sketch to shine a sliver of light on the seven electric cars it plans to launch by 2027. It hopes that battery-powered models will represent at least 25% of its global sales by 2029. Long on vision but short on details, the image shows the vague outline of seven vehicles that will join the South Korean company's range in the coming years. Company CEO Ho-Sung Song noted the models will be positioned in a variety of market segments, and the image depicts several different silhouettes. The cars on the left look like SUVs and crossovers, while the ones on the right seem to ride a bit lower; there may even be a sports car in the mix. All are linked by a crease-free design, though keep in mind they're still under development. Kia is not a newcomer to the electric car segment. It released its first series-produced EV, an electric version of the Ray sold in global markets, in 2011, and its current range includes battery-powered variants of the Soul and the Niro. The aforementioned septet represents the next step in its offensive. Its members will be standalone EVs, meaning they will not be based on gasoline-powered cars, and they'll all be part of the same family. In a way, Kia is following the same path as Volkswagen, which chose to group its future EVs under the ID umbrella. We'll get our first taste of Kia's new range of electric models when the firm releases a car code-named CV in 2021. It was designed for "many regions globally," though whether that includes the United States is up in the air, and it will usher in the design language that will characterize the line-up. Unofficially, we hear it will arrive as a sedan-SUV cross that will draw inspiration from the Imagine concept introduced at the 2019 edition of the Geneva auto show. Croatia-based Rimac (which Kia has invested in) will play a role in the development process. At the other end of the spectrum, Kia is working on a rugged, body-on-frame pickup that's about as big as the Ford Ranger. It could spawn a large SUV positioned above the Telluride as an alternative to the Chevrolet Tahoe.  

Driving the Toyota Supra and Subaru WRX STI S209 | Autoblog Podcast #625

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by West Coast Editor James Riswick and News Editor Joel Stocksdale. First, they talk about the cars they've been driving, including the Toyota Supra, Subaru WRX STI S209, and the Mercedes-Benz CLA and GLB. They also discuss rumors of the Kia Stinger getting killed off. Greg Migliore takes a break to chat with Autoblog contributor Dan Edmunds to talk about the cars he's been testing. Finally, our editors take to the mailbag to help a listener pick a sport truck in the "Spend My Money" segment. Autoblog Podcast #625 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: Toyota Supra Subaru WRX STI S209 Mercedes-Benz CLA-Class Mercedes-Benz GLB-Class Kia Stinger death rumor Chat with Dan Edmunds Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Podcasts Kia Mercedes-Benz Subaru Toyota Used Car Buying Truck Coupe Crossover SUV Luxury Performance Sedan