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Hyundai sees tough year ahead, plans to introduce 13 new models

SEOUL — South Korea's Hyundai Motor Group predicted another year of tepid car sales growth on the back of a slow 2018, saying trade protectionism adds uncertainty and major markets such as the United States and China remained sluggish. In his first New Year address to employees, group heir apparent Euisun Chung said Hyundai Motor Co and Kia Motors would complete a restructuring of South Korea's second-biggest conglomerate, which is widely expected to pave the way for him to formally succeed his octogenarian father as head of the group. The complicated succession plans come as Hyundai contends with a bunch of problems that have cost it market share in China and the United States and stalled its rise up the ranks of global automakers. It missed a boom in sports utility vehicles (SUVs), faces potential U.S. tariffs and a U.S. investigation over how it handled a vehicle recall, and lost ground in technological advances such as self-driving cars. "Business uncertainties are heightening as the global economy continues to falter. Walls of protectionism are being constructed around the world," Chung, 48, told hundreds of employees at the group's headquarters in Seoul. "Internally, we face challenging tasks such as stabilizing business in major markets like the U.S. and China, while simultaneously enhancing our responsiveness to drive future growth." Hyundai and Kia — together the world's fifth-biggest automaker — set what they called a "conservative target" of 7.6 million vehicle sales in 2019, a 3 percent increase from the 7.399 million vehicles sold last year. The 2018 sales fell short of the group's target of 7.55 million vehicles, marking its fourth consecutive annual sales goal miss. The duo sold 7.25 million vehicles in 2017. Morgan Stanley expects global auto production to fall 1 percent in 2019, the first drop in nine years. In that environment, the group said it would launch 13 new or face-lifted models in 2019, including a premium Genesis SUV, the big Hyundai Palisade SUV and the Sonata sedan. "Hyundai will be launching new models, but competitors will be also doing so, making it difficult for Hyundai to increase shares in the sluggish markets in China, U.S. and Europe," said Sean Kim, an analyst at Dongbu Securities. Hyundai shares ended down 3.8 percent and Kia slumped 2.7 percent, while the wider market <.KS11> was down 1.5 percent.

More than a half-million Hyundai, Kia compacts recalled for brake light problem

Hyundai and Kia will recall more than a half-million compact cars in the U.S. starting next year because of a brake-light problem. The recall covers more than 390,000 Hyundai Elantras from the 2013 and 2014 model years, and more than 134,000 Kia Forte cars from 2012 through 2014. The Associated Press, citing documents the companies filed with the federal government, reports that a polymer stopper pad between the brake pedal arm and the light switch can deteriorate and keep the brake lights on when the brakes aren't actually engaged. The problem also means a driver can shift out of park without stepping on the brake pedal. Neither automaker reported any crashes or injuries stemming from the issue. Dealers will replace the stopped pads starting Jan. 30 for Kia and Feb. 8 for Hyundai.Related Video:

2020 Kia Soul EV earns 243-mile EPA range rating

Kia is diving head first into the world of electric cars, and now we know how far its new Soul EV can go on a full charge: 243 miles, according to its EPA rating. This officially makes it the longest-range EV in Kia's lineup, because the Niro EV is rated for 239 miles. The Hyundai Kona bests them all with a 258-mile range, though. We got to see the Soul EV at the Los Angeles Auto Show last year for the first time, but could only guess at the range then. It was expected to see huge gains compared to the first electric Soul, which is rated at 111 miles in its last year of duty here in 2019. Range similar to the Niro and Kona is no surprise, as it borrows the powertrain out of those cars. A 64 kWh battery pack provides juice for an electric motor producing 201 horsepower and 291 pound-feet of torque. DC fast charging is standard and you can adjust the brake regeneration power via paddles behind the steering wheel. Anyone looking at an EV from Kia or Hyundai is going to have to make a choice when it comes to bodystyle, because they won't lose or gain much on the powertrain and efficiency side of things. A 243-mile range is more than sufficient to compete in the electric vehicle world right now, especially if you can get that range on the quirky but lovable Soul. The Bolt EV is sitting at 238 miles of range, and the new Nissan Leaf E+ can go 226 miles before fully depleting its battery. You'll be able to choose between the normal Soul EV or the Soul EV Designer Collection at launch. The Designer trim gets a two-tone paint scheme along with other additions like a leatherette interior, 10-speaker audio system and wireless charging. Pricing isn't available yet, but will be announced closer to the on-sale date. Kia says to expect it in the first half of this year. Related Video: