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Hyundai outlines EV strategy as it struggles with cost of engine defects

SEOUL — South Korea's Hyundai Motor pledged to boost sales of electric vehicles to over half a million by 2025 as part of a bid to focus on new technologies and catch up with rivals, but some analysts saw the target as conservative and warned of the costs. The announcement by Hyundai, the world's fifth largest car maker along with affiliate Kia Motors, underscores the accelerating strategy shift under Euisun Chung, who became the motor group's executive vice chairman last year. Hyundai announced a $35 billion investment last week in mobility and other auto technologies by 2025, less than a month after unveiling a $1.6 billion deal to develop self-driving vehicle technologies with Aptiv. The firm said on Thursday it plans to launch 16 EV models by 2025 to boost sales of such vehicles 17-fold to 560,000 by that year. Still, that would be equivalent to just over 10% of its projected global sales this year. The projection compares with more bullish forecasts offered by its bigger rivals. Volkswagen AG expects to make 22 million EVs over the next decade, while General Motors aims to sell 1 million EVs annually by 2026. "That is not an ambitious target. If Hyundai fails to boost volumes fast enough, costs of electric cars will weigh on profitability," Lee Jae-il, an analyst at Eugene Securities & Investment. Hyundai said that the EV market would face intensifying competition and oversupply soon and automakers failing to meet toughening European emissions regulations will face heavy penalties and suffer a serious blow to their reputation. "EV supply is expected to surpass demand from the second half of next year," Ka Suk-hyun, vice president of Hyundai Motor, told an earnings conference call. Quality issues Hyundai's third-quarter net profit rose 59% to 427 billion won ($365 million), well below the average 684 billion profit estimate of analysts based on Refinitiv data, due to 600 billion won provisions it earmarked to address potential engine defects in the United States and South Korea. Quality issues have been a major drag in Hyundai's attempt to steer a recovery from six consecutive annual profit declines and constrained its financial firepower to invest in future technologies. It is still under investigation by U.S regulators and prosecutors over potential faulty engines in some models. Total retail sales fell 3% in the third quarter, as higher U.S.

Kia Seltos crossover: Aimed at millennials, named from mythology

In news that touches on proper placement of carts and horses, Kia announced that its new global compact crossover will be called the Seltos. This should surprise no one, since we posted a batch of "spy" shots last week of a naked Seltos that was decorated with Seltos badges and placards. What might surprise is the inspiration for the name: Greek mythology. Kia says we have the legend of "'Celtos,' the son of Hercules" to thank for the moniker. In case you ever need to take a test on this, you should know that Heracles was the Greek god. Hercules was the later Roman version, and the Romans focused more on Hercules' early, dismal relationships. Herc, as the story goes, got tricked by a princess named Celtine during a stint herding cattle, when he stopped by her father's place. The episode resulted in a boy named Celtus (or Celtos), one of his multitudinous brood, and that boy became the mythological father of the Celts. The Seltos crossover has a job almost as challenging as fathering a nation, that of being a lure to millennials the world over. Kia's tried to give the little people hauler a head start on the job by changing the first letter of Celtos' name to "S," said to imply speed and sportiness. Conveniently, that also fits into the carmaker's crossover and minivan naming scheme that already includes Soul, Sportage, Sorento and Sedona. Without details on available engines, we can't tell how much speed or sportiness there will be, but the design looks sophisticated enough. Designers have managed to put plenty of muscle and flourish into a small space without making a mess. With the exterior matching the sketches faithfully, we expect the same handsome results inside, led by the 10.25-inch infotainment touchscreen. Kia says it will reveal the Seltos later this month. Sales will begin in South Korea in the latter half of the year, with other markets to follow.

Kia unveils refreshed 2019 Sportage small crossover

Kia has released official images of its refreshed 2019 Sportage and offered new details on interior updates and its 48-volt diesel mild hybrid system. Though the diesel version isn't likely to come to the States, the Sportage's new EcoDynamic+ diesel mild hybrid powertrain represents the first step in Kia's global electrification strategy, which will see the automaker launch 16 electrified or fuel-cell powertrain vehicles by 2025. For 2019, Kia will offer a 2.0-liter 'R' diesel engine paired with a 48-volt battery and an engine-off generator unit. Kia is also swapping an efficient new 1.6-liter 'U3' common-rail direct-injection diesel engine for the existing 1.7-liter diesel. The system is expected to eventually come to gas-engine models, so the technology could come stateside, too. We brought you spy shots of the 2019 Sportage undergoing testing last week, which showed the small crossover's updated front and rear bumpers and lamps. Kia says the exterior changes are rounded out with new 16-, 17- and 18-inch alloy wheels. The GT-Line models also get a gloss black radiator grille, gloss black and silver skid plate and dark chrome inserts on the side sills and rear tailgate. Inside the cabin, the 2019 Sportage gets a new steering wheel, revised instrument cluster and new black-and-grey two-tone upholstery. It gets Kia's Smart Cruise Control with Stop & Go, an Around View Monitor to help with parking and Driver Attention Warning, which sends an alert when it senses the driver getting drowsy. European customers will get a choice of new infotainment systems — a 7-inch touchscreen or new "frameless" 8-inch system. Kia sold more than 131,000 units of the Sportage in Europe in 2017, while the model's U.S. sales dropped 10 percent to 72,824. The 2019 Kia Sportage goes on sale in Europe during the third quarter. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2019 Kia Sportage Image Credit: Kia Kia Crossover Diesel Vehicles Hybrid diesel hybrid mild hybrid kia sportage