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Hyundai quality issues hammer quarterly profit report

SEOUL — South Korea's Hyundai said on Monday it swung to a net loss for July-September, missing market estimates by a wide margin, as costs related to engine quality issues and recalls smashed what would otherwise have been strong earnings. Hyundai, the world's fifth-biggest automaker when combined with affiliate Kia, reported a net loss of 336 billion won ($297.72 million). The average of 12 analyst estimates complied by Refinitiv was 1.2 trillion won in profit. The automaker said it booked 2.1 trillion won to cover charges related to engine defects that increased the risk of stalling and fire. The years-long quality problems have cost Hyundai and Kia nearly $5 billion and left the pair subject to a probe by U.S. authorities over the manner of their recalls. "Third-quarter results reflect engine-related provision expenses as the company took preemptive measures to ensure customer safety and cover any possible future increase in quality-related expenses," Hyundai said in a statement. "We sincerely apologize to our shareholders and investors for having repeated quality cost issues over three quarters since 2018," an executive told an earnings briefing. Operating loss for the third quarter was 314 billion won. Excluding quality costs, the figure would have been 1.8 trillion won profit. Revenue rose 2.3% on year to 27.6 trillion won. Analysts said the operating loss was not as deep as expected as Hyundai enjoyed firm sales in the quarter backed by increased demand in the United States and emerging markets such as India. Its stock rose as much as 4.2% after the announcement versus a 0.3% fall in the benchmark KOSPI in afternoon trade. Related Video: Earnings/Financials Hyundai Kia

Hyundai, Kia, Genesis and Subaru clean up in IIHS 2018 safety ratings

Hyundai, its partner Kia and its Genesis division are the big winners in the latest vehicle safety ratings from the Insurance Institute for Highway Safety, accounting for six of the 15 models that earned the Top Safety Pick+ awards for 2018. Subaru was right behind with four, Mercedes-Benz had two, and Toyota, BMW and Ford each had one. Another 47 vehicles earned the Top Safety Pick designation, where Toyota had 10 vehicle models, with Hyundai recognized for nine models. All but one of the seven vehicles in Subaru's lineup, the BRZ, qualified for one of the awards. IIHS strengthened the criteria for the Top Safety Pick+ award for 2018 to require headlights to earn a "good" rating — an "acceptable" rating was previously enough to notch the "plus" award — and good or acceptable passenger-side protection in the small overlap front crash, which replicates a crash involving just the front corner of a vehicle. It also required vehicles to have acceptable or good headlights for the first time to earn a Top Safety Pick award. Most of winners for both awards qualified on the basis of optional upgrades. IIHS in October began evaluating the passenger side of vehicles in its small overlap front crash test after it said it became clear that automakers were neglecting that side of the vehicle as they focused on improving driver-side protections. IIHS first began conducting driver-side small overlap crashes in 2012. It began measuring both how well low and high beams illuminated the road and the amount of glare they produce for oncoming vehicles as part of its ratings in 2016. The Top Safety Pick+ winners are listed below. The list doesn't include any minivans, pickups or minicars, which don't appear on either list of awardees. Small cars Kia Forte Kia Soul Subaru Impreza (sedan and wagon) Subaru WRX Midsize cars Subaru Legacy Subaru Outback Toyota Camry Large luxury cars BMW 5 series Genesis G80 Genesis G90 Lincoln Continental Mercedes-Benz E-Class sedan Midsize SUVs Hyundai Santa Fe Hyundai Santa Fe Sport Midsize luxury SUV Mercedes-Benz GLC The full list of Top Safety Pick winners is available here.Related Video: Image Credit: IIHS BMW Genesis Hyundai Kia Lincoln Subaru Toyota Safety Crossover SUV Wagon Sedan crash test

Kia Niro hybrid and PHEV refreshed with Niro EV's looks and tech for Geneva

Two years ago, Kia unveiled the Niro hybrid at the Geneva Motor Show. This year, Kia will bring updated versions of the Niro hybrid and PHEV to Geneva, putting the battery electric crossovers under the influence of the Niro EV. The powertrains don't change, but the looks do. New projector headlights adopt what Kia calls its "ice cube" design above a new bumper. The DRLs turn into double arrows beneath, mimicking the single arrow DRL on the Niro EV. LED fog lights are optional. In back, new LED taillights pair with new light reflectors and rear fog lamps that sit between a silver skid plate. Two new 16-inch wheel designs will be standard fit, a new 18-inch wheel on the options sheet. The interior get a serious spruce in color and technology, especially with the optional color packs. A soft-touch coating covers the instrument panel, gloss black or satin chrome highlight the rest of the cabin. Paddle shifters for the six-speed double-clutch have been grafted onto the steering wheel. The handbrake lever gives way to an electronic parking brake, and there are larger rear brake discs. Depending on market, Kia will offer Red-Orange or Plum color packs. The former merely splashes hues about the cabin, as in the red contrast stitching and red-orange dash trim. Plum turns the interior fruity, adding perforated plum-colored leather to the seats, "warm purple stitching," and a plum armrest on the doors. Standard digital touches include a 4.2-inch TFT screen in the binnacle, and an eight-inch infotainment screen. The optional system installs a seven-inch TFT panel in the binnacle and a 10.25-inch TFT infotainment window. That upgraded spec will run Kia's new Uvo Connect, which uses a SIM card to retrieve and update live data. The lengthy list of driver assistance and safety features Kia's known for welcomes two optional features. The new adaptive cruise control adds a stop and go function, able to restart on its own after stopping in traffic. Lane Following Assist will follow the vehicle in front. Related Video: