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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.

2021 Kia Optima getting two turbo engines, all-wheel drive option

Even before we've had a chance to drive it, the 2021 Kia Optima is proving to be an interesting sedan. For one thing, it might not even be called Optima anymore, with a switch to the Korean-market K5 name rumored. The styling is thoroughly aggressive, too. As for the latest Optima news, it's getting a pair of turbo engines for the United States, and two more drive wheels as an option. Unsurprisingly, the Optima will be available with a turbocharged 1.6-liter inline-four, just like many versions of its cousin, the Hyundai Sonata. It makes 178 horsepower and 195 pound-feet of torque. There's also mention of a naturally aspirated 2.5-liter inline-four with the same 191 horsepower and 181 pound-feet of torque as the Sonata's base engine. Kia doesn't specifically say it will be offered in America, but its presence in the Sonata means it will probably be available. If those engines aren't powerful enough, the Optima will be available with a turbocharged 2.5-liter engine making 286 horsepower and 311 pound-feet of torque. Presumably, this is the same engine that will be in the Sonata N-Line and future Genesis G70. Kia says this engine is good for a 0-62 mph run of 6.6 seconds. The other big news about the Optima, besides the engines, is that it will available with all-wheel drive as an option. The Sonata does not offer it, making it a unique selling point for the Kia. It will join a growing number of sedans with available all-wheel drive including the Toyota Camry, Nissan Altima, and of course the Subaru Legacy. The Ford Fusion is also among this group, but will soon be discontinued. In addition to all-wheel drive, Kia said Optimas will be available with either six- or eight-speed automatic transmissions, though it didn't specify to which engines they would be paired. The same goes for the eight-speed dual-clutch automatic announced, but seeing as the Sonata only has that on the N-Line, it's probably exclusive to the turbo 2.5-liter engine. Pricing isn't available yet for the new Optima. But Kia did say it will go on sale in the first half of 2020. Related Video:    

Kia previews off-road Sorento for SEMA

Kia hasn't told us much about what it has in store for us at SEMA this year. But it is giving us a glimpse of what's to come in this latest teaser video. The short clip provides a sneak peek at the PacWet Adventure Sorento, an evidently rough-and-tumble take on the Korean automaker's midsize sport utility vehicle. Just what's going into it remains to be seen, but we can already see part of the package. There's a new tubular and sheetmetal front bumper, a snorkel intake, roof rack, winch, auxiliary lighting, knobby tires, and a Kermit-green paint job. We'd expect some sort of jacked-up suspension, too, considering this custom is for the aftermarket-obsessed crowd at SEMA. Given the brief statements Kia has issued to date, it would appear that the Sortento is just one of a variety of vehicles the company is preparing for the Vegas tuner expo. Each is poised to represent a different American region, and we're looking forward to seeing how the others take shape, as well. Related Video: 10/23/15 2015 SEMA PACWEST ADVENTURE SORENTO TEASER As Kia heads to SEMA 2015 to celebrate the American Road, here's a taste of the PacWest Adventure Sorento, a tough, off-road utility vehicle equipped with custom suspension, snorkel intake system and a paint scheme inspired by the lush forests of the region. ### 10/20/15 Kia Teases SEMA 2015 Kia is headed to this year's SEMA show to celebrate America's love for the open road and the diverse car cultures spanning the many regions of this country. Enjoy this high-speed coast-to-coast tour to whet your appetite for what we will unveil November 3rd in Las Vegas. More to come. #KiaWanderlust