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Hyundai sticks to EV rollout plans, sees solid growth this year

SEOUL — Hyundai Motor said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year — a contrast to recent steps by rivals to cut back on EV output. Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. "We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term," Seo Gang Hyun, an executive vice president at the South Korean automaker, told an earnings briefing for analysts. The Hyundai Motor Group, which encompasses the Hyundai, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. This includes the launch of the Ioniq 7 SUV next year. Seo said Hyundai's EV sales next year could be slightly lower than previously expected, but the automaker had the production flexibility to boost output of gasoline engine cars if demand shifted that way and he did not expect a significant impact on overall sales. When asked about the impact on Hyundai Motor of the United Auto Workers (UAW) union reaching a tentative labour deal with Ford, Seo said the company expects the deal will have an impact on wage increases at its U.S. factories, but such costs could be covered as the automaker has been putting effort into reducing costs, such as in logistics. Hyundai Motor, which is not a member of the UAW, operates an assembly plant in Alabama and is building a factory to produce EVs in Georgia. For the third quarter, Hyundai booked a net profit of 3.2 trillion won ($2.4 billion), more than double its year-earlier result and beating an LSEG SmartEstimate of 2.9 trillion won, with the automaker helped by a favourable exchange rate. Sales also increased, climbing 8.7% to 41 trillion won on solid demand for high-margin gasoline SUVs. Sales of EVs and hybrids also grew, up by a third to 169,000 units. This month has seen a flurry of downbeat EV announcements. Citing flattening demand for EVs, GM said it would delay production by a year of Chevrolet Silverado and GMC Sierra electric pickup trucks at a plant in Michigan. Ford is temporarily cutting one of three shifts at the plant that builds its electric F-150 Lightning pickup truck. Tesla is also slowing plans for a Mexico factory, while GM and Honda announced on Wednesday that they were ending a $5 billion plan to develop lower-cost EVs together.

Kia's quickest cruiser | 2018 Kia Stinger GT First Drive

The 2018 Kia Stinger is a provocatively named, turbocharged fastback sedan that arrives in America in a few months, and we've just been given a great snapshot of what to expect at Germany's notorious Nurburgring circuit. While the very final tuning is under way, the late-stage prototypes we drove are "99 percent there," says Albert Biermann, former BMW M chief engineer, now head of engineering for the Hyundai Group. Despite our first experience with the Stinger being at a famously technical track, Biermann and others stressed that the Stinger is very much a grand tourer. To be clear, just about no one will track the Stinger. So why then do we find ourselves in the Eifel region of Western Germany? Because Korea's new sports sedan signals a dramatic brand shift for Kia, and the Stinger GT is the first to reflect a new, more performance-oriented direction. Kia at the Nurburgring? If you want to make a point, this is one way to do it. Arriving this fall, the Stinger will have three powertrain options on offer globally, but only two gas-fueled turbocharged engines for North America. The entry-level Stinger 2.0T is rated at 255 hp and 260 lb-ft, but our impressions are based on the GT, motivated by Kia's brawnier 3.3-liter twin-turbo, good for 365 hp and 376 lb-ft. Peak power arrives at 6,000 rpm, and peak torque between 1,300 and 4,500 rpm. All engines — including the not-for-America 2.2-liter diesel — are mated to an eight-speed automatic transmission with shift paddles. Both rear-wheel drive and AWD configurations will be available. While the automaker has made some sporty-looking, attractive sedans such as the Optima Turbo, and Cadenza, it wants to "make them drive like they look," says Biermann. Throw the 'Ring's 73 corners, 17 percent incline, and 11 percent decline — all at speed — and you'll learn quite a bit about Kia's newest, very quickly. So how does the Stinger drive? If this was an exercise to understand the touring aspects of the car, it was lost on us. Lap one of our lead-follow drive on the 'Ring wasted no time in demonstrating this new, more dynamic direction. The pace car in front smashed the throttle and entered the 'Ring at speed, banking hard-left on the first turn. I followed suit, mashing the gas, flying into the first turn, tires screeching, the rear sliding out just a bit despite the GT's AWD. Immediately I'm surprised by the acceleration.

Toyota Land Cruiser, GMC Sierra and the long-term fleet | Autoblog Podcast #558

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski. They talk about driving a pair of short-term test cars, the Toyota Land Cruiser and GMC Sierra AT4, as well as two of Autoblog's long-term test cars, the 2018 Kia Stinger GT and 2018 Chrysler Pacifica Hybrid. Following the test fleet talk is a discussion of a new program from Lyft and the Chinese-market Ford Territory. And of course everything is wrapped up with yet another Spend My Money segment in which we Autoblog editors help a reader choose a car to buy.Autoblog Podcast #558 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 Short-term cars: Toyota Land Cruiser and GMC Sierra AT4 Long-term cars: Kia Stinger GT and Chrysler Pacifica Hybrid Lyft subscription program Ford Territory Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Podcasts Chrysler GMC Kia Toyota toyota land cruiser chrysler pacifica chrysler pacifica hybrid kia stinger gt