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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.

Hyundai and Kia adding Google Maps API to nav systems

Hyundai's Blue Link and Kia's UVO infotainment systems will be adding three Google features: Send2Car, Point of Interest Search and Local Search by Voice. Send2Car lets travelers send destinations to their vehicle's navigation system from a computer or via a mobile phone app, and the POI and local searches are continuously updated in Google Places' database. The new data service integrations mean that drivers will have more access to more destinations and be able to find them more quickly.
Hyundai hasn't said when the new features will debut nor on what model. Kia buyers will find them introduced on the 2014 Kia Sorento expected to roll into dealerships shortly, with the Forte sedan following. You'll find a press release on the updates below.

Kia and Amazon team up to sell at-home electric charging stations

Amazon really wants to be the one-and-only destination you go to for online shopping, and it's edging a little further into the car world with its latest partnership. Kia is teaming with the online retail giant to sell and install Level 2 chargers for your home. To buy the chargers on offer, you'll need to own/lease an electric or plug-in Kia, or at least have one on order. That includes the Niro EV, Soul EV, Niro PHEV and Optima PHEV. Amazon has previously partnered with Audi to offer installation services is preparation for the E-Tron rollout, but this version of the program is framed differently and meant for Kia owners. This is being done in an attempt to make buying and installing these kind of chargers easier. Most folks know and understand Amazon, so buying everything you might need to get an electric car charger up and running from them could be a comforting process. The benefit to this way of acquiring a 240-volt charger is that Amazon sets up the whole installation process. It'll call out an electrician to inspect your house to see if any changes need to be made to support it, then install the charger. A choice of three Level 2 car chargers are being sold through this partnership. The brands include Bosch, ChargePoint and JuiceBox, ranging from most to least expensive respectively. Access to a Level 2 electric car charger will make your life with an electric car all the better. The 2020 Soul EV (shown below) and 2019 Niro EV both get to a full charge in a little more than nine hours on a Level 2 plug versus a long 59-hour wait from a Level 1 charger. You can get by with Level 1 sometimes, but getting home on a depleted battery late at night then leaving early in the morning doesn't work. In these situations, juice at a faster rate is deeply needed. The chargers are available for purchase now. 2020 Kia Soul EV View 11 Photos