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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.

2016 Kia Sorento First Drive

Teenagers are awkward, predictably provocative and generally horrible to be around – at least unless you, yourself are one. There's just something about those angst-ridden years spent trying on identities, none fitting quite right. Luckily for Kia, the automaker has just celebrated its 20th birthday in America, and fresh out of the driver's seat of its 2016 Sorento – dare we say it – we sense a touch of self-assured maturity. Don't worry; we expect the automaker's antics – including super-freak athletes jumping over an Optima at the NBA All-Star game and the employment of urban hamsters – to continue. Thankfully, offering unremarkable vehicles in pretty competitive segments seems officially a thing of Kia's history e-book. To be fair, we've seen a pleasing Korean Renaissance for a few years now, and we're not just talking hot pots and bulgogi – 2015 Hyundai Genesis, anyone? Kia Optima SX? Soul? So where exactly does this third-gen 2016 Sorento fit in? Actually, we're not sure Kia knows that either; its product planners tell us that this miraculous crossover competes with variously sized vehicles including the compact Jeep Cherokee, markedly larger Grand Cherokee, and even the family-hauling three-row Toyota Highlander. But Kia is also not completely off its rocker, because the Sorento suffers (benefits?) from severe bipolar disorder in terms of pricing. While you can get a base L model for $25,795 after delivery – there are five trim levels including L, LX, EX, SX, and top-of-the-line SXL – the fancy SXL 2.0T with all-wheel drive we tested was priced at $45,305. That's a difference of almost $20k, with the latter model reaches a completely different, almost premium demographic. And there's more. Sometimes the Sorento seats five, other times it can party hard with seven. There are three very different engine flavors to choose from: a carryover 2.4-liter four-cylinder will greet entry-level buyers with 185 horsepower and 178 pound-feet of torque. A meatier V6 – good for 290 hp and 252 lb-ft – will come on three-row models only, while the new 2.0-liter turbocharged four option, good for 240 horses and 260 lb-ft comes on two-row models exclusively. Kia will offer all-wheel drive on all Sorento models.

8 new cars that are selling below MSRP

Car shopping has been a frustrating activity for many people in recent years, as strained new car inventories have led to markups and elevated prices across the board. It’s been difficult to find vehicles at anywhere near a reasonable price, and some in-demand models are still listed at a premium today. iSeeCarsÂ’ most recent study looked at several aspects of the new and used vehicle markets and found a handful of models that are selling at a discount – a rarity in todayÂ’s world. Most of the vehicles selling below MSRP in October were electric, though the Nissan Armada and Infiniti QX80 made the top eight. To be clear, weÂ’re not talking about huge discounts here – the Kia EV6 was selling with the largest discount of 3.1%. The other models on the list include: Kia EV6: -3.1 percent off MSRP Ford F-150 hybrid: -2.8% Hyundai Ioniq 6: -2.7% Nissan Armada: -1.8% Hyundai Ioniq 5: -0.9% VW ID.4: -0.6% Kia Niro EV: -0.3% Infiniti QX80: -0.2% Electric and hybrid vehicles like the Kia and Ford have been selling at a premium for a long time, as they experienced stronger than expected demand and had challenging early production runs. That theyÂ’re now selling at a discount could indicate wavering buyer demand, but itÂ’s too early to start sounding any serious alarm bells. Though some models are getting cheaper, the industry average is still heading in the wrong direction. The average MSRP of new cars sold last month was $42,510, while the average sales price was $46,077. That 8.4% overage is surprising to see so many months after the worst of the pandemic has passed. iSeeCarsÂ’ executive analyst Karl Brauer had a few words of encouragement, however, saying, “There are still very few ‘dealsÂ’ in the new car market. Shoppers looking to pay below MSRP for a new car will have to do their research, but a small number of models can be bought below sticker price.” Green Ford Hyundai Infiniti Kia Nissan Volkswagen Car Buying cheap cars