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Posts Tagged ‘hyundai news’

Hyundai Hops into Hot Hatch Hullabaloo with New GT

New Elantra GT provides improved performance.

by on Feb.09, 2017

Hyundai is jumping into the hot hatch segment with the new 2018 Elantra GT.

Like so many other makers, Hyundai’s recent new product focus has zeroed in on electric vehicles. However, industry observers all seem to agree that the South Korean maker needs to fill the truck gap in its line-up.

So, of course, if the company’s got a new vehicle in to unveil at the Chicago Auto Show, it’s only natural that it’s a … small, sporty car!

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The automaker is taking the wraps off the new 2018 Elantra GT. Described as “lower, wider and longer” the new model is more aggressive on the outside and roomier on the inside. The new hatchback is set to hit dealerships this summer, officials said. (more…)

Hyundai Quarterly Profits Take Another Hit

Maker blames discounts applied to small cars.

by on Jan.25, 2017

Hyundai is going to need to sell more Santa Fe models in the U.S. to improve its profits. The company plans to invest in its plants to make that happen.

Hyundai Motors continues to struggle as it reported its lowest quarterly profit in five years. The South Korean maker blamed the lower-than-expected numbers on discounts offered on its small cars.

The company reported a fourth-quarter net profit of $858.07 million, down 39% from a year ago and the lowest since the first quarter of 2012. Analysts polled by Thomson Reuters I/B/E/S expected a profit of about $1.2 billion.

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Higher U.S. incentive spending – which Autodata Corp said jumped 30% to $2,582 per vehicle in December from a year ago for Hyundai, above an average industry increase of 23% – helped to drive down the company’s results for the quarter, Reuters reported. (more…)

Hyundai Next to Roll Out US Investment Plan — $3.1B

Follows GM's $1 billion announcement earlier, and also notes plan isn't Trump influenced.

by on Jan.17, 2017

Hyundai expects to invest in its plant in Montgomery, Alabama, as part of a $3.1 billion, five-year plan.

Announcing investment plans for the United States appears to be the latest trend by automakers with Hyundai Motor Group being the latest announcing plans for $3.1 billion, including a new plant, to be spent in the U.S. during the next five years.

The South Korean company’s move, which represents a 50% increase in the money it drives into the U.S., comes just hours after General Motors outlined $1 billion in new investment in the U.S. expecting to develop as many as 2,000 new jobs.

Global Auto News!

President-elect Donald Trump has been using Twitter to put automakers – and other countries – on notice that if they don’t start building more vehicles in the U.S., he plans to slap their imported vehicles with a 35% tariff. (more…)

Profits Tumbling, Hyundai on Cost-Cutting Binge

Lack of SUVs the bigger challenge.

by on Dec.27, 2016

Hyundai let its U.S. Chief Dave Zuchowski, shown at the launch of the 2015 Sonata, amidst several changes the maker is tackling.

Sales slipping, profits tumbling, Hyundai is taking some drastic steps to shore things up.

Just days before the annual industry break, the Korean carmaker gave Dave Zuchowski, the CEO of its U.S. operations, his walking papers. But it has also been making a series of moves closer to home aimed at reining in spending.

The Journal of Record!

Hyundai Motor Group CEOs are taking 10% pay cuts, according to a report by the Reuters news service, while the company is scaling back flights for Korean workers stationed abroad who normally head home for the holidays on the company’s expense. (more…)

Management Shake-up as Hyundai Ousts U.S. CEO Zuchowski

Ouster doesn’t directly address an off-kilter model mix.

by on Dec.21, 2016

Hyundai's Dave Zuchowski, shown at the launch of the 2015 Sonata, spent three years as U.S. CEO.

Dave Zuchowski, the widely respected CEO of Hyundai Motor America has been summarily ousted by the company’s Korean headquarters.

The departure of the long-time Hyundai executive, who was named CEO in 2013, comes at a time when Hyundai has lost some of its momentum in the American market – though various industry observers said they question how much blame can be ascribed to Zuchowski considering he has long been pressing to flesh out Hyundai’s slim line-up of light trucks at a time they are gaining momentum while traditional passenger cars falter.

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Hyundai representatives had no immediate comment on the news beyond the announcement that Jerry Flannery, currently HMA’s executive vice president and general counsel, will step in, at least temporarily, as Zuchowski’s replacement.

(more…)

Hyundai Wants You to Subscribe, Not Buy, its Ioniq EV

Automaker lifts a page from the smartphone industry.

by on Nov.17, 2016

Hyundai plans to offer "subscriptions" its Ioniq EV like a cellphone plan, which it calls Ioniq Unlimited.

When the new Hyundai Ioniq battery-electric vehicle rolls into California showrooms next year, the Korean carmaker wants to create what it calls a “worry-free ownership experience.”

And that means it won’t sell you the Ioniq but instead let you subscribe, much the way you might when it’s time to trade in your old smartphone in a program called “Ioniq Unlimited.”

Auto Show News!

“We looked at the cellular phone industry,” explained David Zuchowski, CEO of Hyundai Motor America, “and nobody buys their phone. They sign up for a package.” (more…)

Hyundai Ioniq Family Takes Center Stage at LA Show

Common platform cuts costs, improves vehicles.

by on Nov.15, 2016

Hyundai's Mike O'Brien introduces the new Ioniq EV at the Los Angeles International Auto Show.

Green is still a go as far as the global auto industry is concerned and Hyundai is planning to use the Los Angeles Auto Show to showcase its new family of vehicles equipped with three distinct alternative powertrains.

Mike O’Brien, Hyundai Motor America vice president of product planning, said the new Ioniq family is unique in so far as the basic platform for the battery electric, plug-in electric and hybrid. The Ioniq made its debut in New York earlier this year.

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All three vehicles are built in South Korea from what is basically a common parts bin, which helps keep down costs, said O’Brien, adding the Ioniqs are the product of Hyundai’s effort to build a fleet of dedicated Green vehicles that will grow in the future. (more…)

Hyundai Plans to Sell Ioniq EV Family in Every State

Automaker not limiting sales to zero-emissions states.

by on Nov.11, 2016

The Hyundai Ioniq will be offered with hybrid, plug-in and EV versions and sold in every state in the union, officials said.

Hyundai plans to sell the new Ioniq EV throughout the United States not just in California or the 11 states in the West and Northeast that have adopted California’s zero emission mandate.

“The pure electric vehicle will be available in all 50 states,” said Michael O’Brien, Hyundai vice president of product planning. Other manufacturers have limited sales of electric vehicles to California and few other states because they lose money on each one they sell.

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O’Brien said the new the new Ioniq EV will go on sale before the end of the year and will be followed shortly thereafter by a hybrid version. The third vehicle in the Ioniq family, the plug-in hybrid version, will go on sale at the beginning of the third quarter of next year, he said during a briefing at the Hyundai Advanced Technical Center outside Ann Arbor, Michigan. (more…)

Hyundai and Kia Pay $41 Mil to Settle Mileage Case

Korean makers overstated mileage by up to 6 mpg.

by on Oct.28, 2016

Kia overstated the mileage of its Soul by 6 mpg, according to the EPA.

Four years after the two automakers admitted overstating the fuel economy of many of their models by up to 6 mpg, Hyundai Motor Co. and Kia Motor Corp. will pay $41.2 million to resolve an investigation by 33 state attorneys general.

That’s on top of $350 million the two Korean carmakers paid as part of a settlement with federal regulators two years ago, and millions more in compensation and settlements paid to vehicle owners.

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While the maker made no admission of violating any laws, the latest settlement “recognizes that fuel economy is a consideration in many car-buying decisions, and (Hyundai) remains committed to being responsive to customer concerns about our revised fuel economy ratings,” said David Zuchowski of the company’s U.S. operations. (more…)

Hyundai Gets it in Gear for SEMA

Two high-performance Santa Fe SUVs on tap.

by on Oct.06, 2016

The Hyundai Bismoto Santa Fe puts out more than 1,000 horsepower and is headed to SEMA.

Forget snail-slow rock-crawling, the two Santa Fe SUVs Hyundai plans to bring to the SEMA show early next month are all about performance.

The Korean carmaker has become a regular at the annual Las Vegas event, and the two Santa Fe utes are likely to be joined by several other Hyundai models to muscle up for the show – which has traditional put a premium on performance.

Performance News!

Hyundai first pulled the wraps off a 1,040-horsepower Santa Fe developed by tuner and frequent SEMA partner Bisimoto. Now, it is lifting the covers on a ute tuned by the Rockstar Performance Garage, and while not quite as powerful, it still had enough under the hood to muscle its way around any on- or off-road environment. (more…)