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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.

Peter Schreyer designs the future of Hyundai, Kia, and Genesis

Peter Schreyer now leads the design teams at Hyundai, Kia, and the new Genesis brand. He has the difficult task of differentiating the three brands aesthetically, even if they share mechanical components. A new profile about the designer by Bloomberg shows just how much he means to the Korean brands, and it's well worth a read. According to Bloomberg, Schreyer has distinctive ideas for the Korean brands' design. A Kia should look sporty and appeal to young buyers. In contrast, a Hyundai would be for someone who prefers a minimalist design. So far, Genesis is blending those traits for its Athletic Elegance design language. Schreyer went to Kia from Volkswagen Group in 2006, and his mission was to revolutionize the Korean's brand's boring look. He succeeded with sharper, more modern designs for vehicles like the Optima and Sorento that arrived after he took over. He did such a good job there that Hyundai-Kia Motor Group appointed him as its first non-Korean president at the end of 2012. He also now oversees former Lamborghini designer Luc Donckerwolke at the Genesis luxury brand. Bloomberg speaks with industry analysts and other designers to get a better idea of Schreyer's meaning to the company. The piece presents him as an easygoing person who knows exactly how each vehicle should look. If you want to get a better Schreyer and his work at Hyundai, Kia, and Genesis, the story is worth checking out. Related Video:

2019 Kia K900 flagship sedan debuts: Reserved luxury reimagined

After those teasers and brochure shots, the 2019 Kia K900 flagship sedan is here in the metal, presented at the New York Auto Show. Kia reminds us that the only thing carried over from the old car is the name, but the car's design is still reserved rather than ostentatious. The information withheld in Kia's K900 news to date was the available powertrain, but it's now announced to have the same 3.3-liter twin turbo V6 as the Stinger. It produces 365 horsepower and 376 pound-feet of torque, and it's paired to an eight-speed, homegrown automatic transmission like in the Stinger. The V6 is the sole engine choice, and likewise the K900 has torque-vectoring all-wheel-drive as standard. The previous generation car was rear-drive, and the Stinger has rear-drive variants, but for the new K900 it's AWD all the way. The system can distribute up to 50 percent of power to the front and as much as 80 percent to the rear. Kia performance chief Albert Biermann says the new K900 is 33 percent stiffer than the outgoing car, for improved ride and handling. In its home market, the K900 will reportedly be available with a five-liter V8, but that's not part of the U.S. portfolio. Inside, the K900's cocoon-like leather and wood interior ambience can be enhanced with its Pantone-assisted mood lighting system. There are seven color settings, which are meant to convey the feel of oceans, forests, skies — and presets can even imitate the aurora borealis. Another feature of the interior lighting is that proximity sensors can brighten the dashboard controls by 20 percent when the driver reaches for the switches. The 12.3-inch HMI touchscreen supports Apple CarPlay and Android Auto, and the car's settings can be toggled using a bespoke UVO telematics system. Four cameras provide the driver with a stitched-together 360-degree view of the car's surroundings, and HUD is an option. Driver assists include smart cruise control with lane functions and a driver fatigue monitoring system. In addition to the K900, Kia is also introducing the refreshed-for-2019 Optima and Sedona. The facelifted Optima now comes with optional two-tone sport leather seats, and it shares some of the K900's driver assist systems as standard: collision avoidance and warning, lane keeping assist and driver fatigue monitoring.