The gradual recovery from the global shortage of parts and production stabilization has helped the company secure solid performance…reports Asian Lite News
Hyundai Motor Company sold a total of 3,49,194 units globally in May 2023, a 7.8 per cent increase on a yearly basis, the automaker said on Friday.
In May, sales outside Korea increased by 7.7 per cent to 2,80,514 units.
The gradual recovery from the global shortage of parts and production stabilization has helped the company secure solid performance in North America, Europe, and India.
“Despite the continuing uncertainties in the business environment, the company maintained its robust sales momentum this year, thanks to solid demand for Hyundai vehicles,” Hyundai Motor Company said Friday.
Sales in Korea were up 8.4 per cent from a year earlier to 68,680 units with the introduction of new models, including the all-new Grandeur (Azera outside of Korea), and strong demand for SUV models. In Korea, the Grandeur sold over 11,500 units and Hyundai’s SUV models collectively sold 20,254 units.
Hyundai Motor maintained its electric vehicle (EV) sales momentum by selling around 23,000 units around the globe in May. Hyundai’s dedicated battery electric IONIQ models, including IONIQ 5 and IONIQ 6, accounted for nearly 70 per cent of its total EV sales.
“To meet its customers’ diverse needs, Hyundai Motor will continue implementing various measures to deliver class-leading products, including the all-new KONA SUV launched in March, Santa Fe SUV and IONIQ 5 N, to be launched later this year,” it said.
Established in 1967, Hyundai Motor Company has a presence in over 200 countries with more than 1,20,000 employees. (ANI)
Tesla Model Y surpassed Toyota’s RAV4 and Corolla models to top global sales rankings in the first quarter of 2023…reports Asian Lite News
Tesla Model Y has become the first all-electric vehicle to be billed as the world’s bestselling car, a report has shown.
Tesla Model Y surpassed Toyota’s RAV4 and Corolla models to top global sales rankings in the first quarter of 2023, according to data from Jato Dynamics.
The 2023 Model Y starts at $47,490, considerably more than the 2023 Corolla ($21,550) and RAV4 ($27,575), reports The Verge.
Tesla Model Y sold 267,200 units globally in the first quarter this year, compared to 256,400 Corolla and 214,700 RAV4 units sold.
Tesla CEO Elon Musk even estimated back in 2016 that this model would draw demand “in the 500k to 1 million unit per year level.”
Musk in 2021 predicted that the Model Y would claim the top spot in the world.
“We think Model Y will be the bestselling car or vehicle of any kind in the world. Probably next year. I’m not 100 per cent certain next year, but I think it’s quite likely,” he had told investors.
Tesla remains the market leader in the electric vehicle (EV) market in the US with more than 50 per cent share, selling more cars than the other 17 automotive groups combined.
EV sales increased to represent 7 per cent of all US passenger vehicle sales in 2022, according to Counterpoint Research.
“Tesla is dominating the US EV market while other automotive giants like Ford, General Motors, Stellantis, Volkswagen and Hyundai are struggling to provide strong competition,” according to research analyst Abhik Mukherjee.
“Moreover, with the recent price cuts by Tesla and all versions of Tesla’s Model Y becoming eligible for the EV tax credit subsidy, it is expected that Tesla will take an even higher market share,” Mukherjee added.
The Artura’s top speed is 330km per hour with 0-100 km per hour reached in just 3.0 seconds and 0-200 km per hour in 8.3 seconds, according to the company….reports Asian Lite News
British luxury supercar-maker McLaren Automotive on Friday introduced the all-new McLaren Artura in India for Rs 5.1 crore (ex-showroom, Delhi price), which is the company’s first-ever series-production High-Performance Hybrid (HPH) supercar to arrive in the country.
The Artura’s top speed is 330km per hour with 0-100 km per hour reached in just 3.0 seconds and 0-200 km per hour in 8.3 seconds, according to the company.
The Artura has full Plug-in Hybrid (PHEV) capability and can be charged to an 80 per cent level in 2.5 hours. The battery pack can also harvest power from the combustion engine during driving, tailored to the driving mode selected.
This provides the driver with a unique ability to enjoy the car in silent, pure EV mode with a range of up to 31 km and a top speed of 130km per hour, said the company.
“Our impact in the Indian market in our first year has been outstanding, and we look forward to continuing to provide our customers with exceptional service and the ultimate driving experience,” said Paul Harris, Managing Director — APAC and China, McLaren Automotive.
The Artura has four powertrain modes, covering every driving requirement: E-mode, Comfort, Sport and Track.
It has twin-turbocharged 3.0-litre V6 petrol engine combined with E-motor and energy-dense battery pack, produces 680PS (671bhp) and 720 Nm (530lb ft).
“We look forward to continuing to provide the finest customer service and thrilling driving experiences and with the introduction of the hybrid McLaren Artura supercar, we aim to provide our customers with the most cutting-edge automotive technology and design,” said Lalit Choudary, Chairman and Managing Director, McLaren Mumbai.
The redesigned platform works in conjunction with a variety of weight-reduction measures to produce a class-leading lightest dry weight of 1,395kg and best-in-class kerb weight (DIN) of 1,498kg.
McLaren’s cars are designed at the McLaren Technology Centre in Woking, Surrey, England before being hand-built at the adjoining McLaren Production Centre.
Last year’s drop was led by sinking sales in China and Russia amid escalating geopolitical risks…reports Asian Lite News
South Korean carmakers’ global market share inched down in 2022 from a year earlier due largely to weaker sales in China and Russia, industry data showed.
Local automakers accounted for 7.3 per cent of vehicle sales in the world’s eight major markets last year, down from 7.7 per cent in 2021, according to the data from the Korea Automobile Manufacturers Association (KAMA).
Hyundai Motor and Kia are South Korea’s two biggest carmakers, with three other smaller rivals — GM Korea, Renault Korea Motors and KG Mobility, formerly SsangYong Motors — operating in Asia’s fourth-largest economy.
Their share was the fifth largest in the world. The eight markets are the United States, Europe, China, India, Mexico, Brazil, Russia and the Association of Southeast Asian Nations (ASEAN), reports Yonhap news agency.
Last year’s drop was led by sinking sales in China and Russia amid escalating geopolitical risks, KAMA said.
Local carmakers’ share of the Chinese market slumped to 1.6 per cent last year from 2.4 percent a year earlier, with that of the Russian market shrinking to 17.8 per cent from 22.7 per cent.
Their portion of the Indian market also edged down to 21.3 per cent from 22.3 per cent over the cited period.
But they reported gains in other markets, with their share of the American market rising to 10.7 percent from 10 percent.
European companies posted the highest market share of 25.8 per cent, followed by Japanese carmakers with 25.3 per cent, Chinese firms with 19.5 percent and U.S. automakers with 18.4 per cent.
China became the world’s third-largest car seller in 2022 for the first time, overtaking their U.S. rivals.
The data also showed the global electric vehicle market soaring 43.4 per cent in 2022 from a year earlier, despite sluggish overall vehicle sales.
Europe took up the biggest share of the world EV market at 46.3 per cent, followed by China with 31.2 per cent and the U.S. with 12.3 per cent.
The Electrified Streamliner is the second straight Hyundai IONIQ model to sweep World Car Awards following IONIQ 5’s triple wins in 2022…reports Asian Lite News
Hyundai Motor Company’s acclaimed IONIQ 6 Electrified Streamliner has won the prestigious World Car of the Year, World Electric Vehicle and World Car Design of the Year, lauded by an international jury for its unique aerodynamic design and outstanding all-electric range. World Car Awards revealed the results at a ceremony held at the New York International Auto Show (NYIAS) today.
A jury of 100 automotive journalists from 32 countries chose IONIQ 6 from the top three finalists, all launched in 2022. This is Hyundai’s second straight triple honors at the World Car Awards. Last year, the jury named IONIQ 5 the winner in the same categories.
“We are thrilled to receive this prestigious honor two years in a row, which recognizes the tremendous talents and unrelenting efforts of everyone at Hyundai Motor Company to bring EVs like IONIQ 6 to market,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “This honor reinforces our commitment to be a global leader in vehicle electrification and will serve to embolden our efforts as a smart mobility solutions provider.”
“We always want to connect with customers on an emotional level and with the design of the IONIQ 6 we have created truly one of a kind. The daring streamliner styling combines strong emotional appeal with aerodynamic efficiency to give exceptional range,” said SangYup Lee, Executive Vice President and Head of Hyundai Global Design Center. “Inside, we set-out to create a personal studio which offers the mindful space and calm functionality which, we believe, elevates EV design.”
IONIQ 6 is the second model in Hyundai’s dedicated all-electric lineup brand, IONIQ. It takes full advantage of a bespoke Electric-Global Modular Platform (E-GMP) architecture to offer 800-V, ultra-fast charging capabilities for a 10 to 80 percent charge in just 18 minutes and a spacious interior.
With an ultra-low drag coefficient of just 0.21, IONIQ 6 is one of the most aerodynamic and energy efficient EVs on the market. The Electrified Streamliner’s WLTP rated range on a single charge is 614 km[2]. The standard 2WD model with 18-inch tire achieves WLTP-rated energy consumption of 13.9 kWh/100 km.
IONIQ 6’s many features include Vehicle-to-Load (V2L) technology, driver assistance systems and advanced connectivity with over-the-air (OTA) software updates that offer the ultimate in-car experience. The spacious and ergonomic interior takes full advantage of the elongated 2,950 mm wheelbase to provide an array of empowering features, such as Dual Color Ambient Lighting, Speed Sync Lighting, EV Performance Tune-up and Electric Active Sound Design (e-ASD), to enhance the electric mobility experience.
This year, the World Car Awards jury also named SangYup Lee as the 2023 World Car Person of the Year for his vital contribution to the most stunning and innovative concept and production cars unveiled in 2022, including Hyundai IONIQ 6, the All-new KONA and the N Vision 74 rolling lab.
In addition, IONIQ 6 has won prestigious awards during the past few months as it’s been named ‘Saloon of the Year’ at the 2023 GQ Car Awards and ‘New Car of the Year’ hosted by Le Guide de l’auto. Plus, it achieved a five-star safety rating and ‘Best in Class’ selection in the ‘Large Family Car’ category from Euro NCAP.
The IONIQ brand’s winning this year will help to energize Hyundai Motor’s efforts to accelerate its electrification strategy and become the world’s leading EV maker. Hyundai Motor plans to introduce 17 new BEV models by 2030, including Genesis luxury brand models, and aims to boost annual global BEV sales to 1.87 million units by 2030.
The automaker has announced an investment of Rs 4,000 crore towards developing six electric vehicles in India by 2028…Tarun Garg interacts with Nishant Arora
As the electric vehicle (EV) four-wheeler segment gets charged up with some fresh offerings in the New Year, Hyundai Motor India Ltd (HMIL) said they are aiming to bring a “pump-to-plug” revolution in the country, showcasing its global technology and product strength, and will launch a complete range of innovative EV in the market by 2028.
The automaker has announced an investment of Rs 4,000 crore towards developing six electric vehicles in India by 2028.
“Hyundai Motor India is taking experiences ‘Beyond Mobility’ by strongly focusing on the three-pronged approach — intelligent technology, sustainability and innovation,” Tarun Garg, Chief Operating Officer (Sales, Marketing and Product Strategy), HMIL, told IANS.
“Our line-up of six EVs will cater to multiple segments including mass market and mass premium segments in India,” he added.
The company will also introduce EVs in different body styles, including SUV body shape by 2028, “thereby offering a wide range of models for customers to choose from in the country”, Garg said.
The company launched the all-electric SUV Hyundai IONIQ 5 at the ‘Auto Expo 2023’. The EV is underpinned by the E-GMP (electric global modular platform) that also underpins the Kia EV6 which is already on sale in India, and the Ioniq 5 also gets Level 2 ADAS features.
The introductory price of Ioniq 5 is Rs 44.95 lakhs (ex-showroom) and will be available in 3 colour options — White, Black, and an exclusive Matte Silver.
“This is our first dedicated EV model to be launched in India for customers that want to be in charge of a brighter and more sustainable future. The all-electric SUV has also been recognised as one of the top five EVs worldwide and will headline Hyundai’s initiative to drive the EV adoption in the country,” Garg emphasised.
HMIL was also the first company to launch a long-range electric SUV ‘KONA Electric’ in 2019.
The all-new Hyundai IONIQ 5 is equipped with V2L (vehicle-to-load) — an innovative technology that allows the customer to power electrical appliances up to 3.6 kW from inside and outside the vehicle.
Hyundai.
Garg told IANS that the Indian government is very serious for long-term electrification of the domestic auto industry.
“We always follow government mandates and protocols and are geared up to support the Indian government’s vision for electrification,” he added.
Powering the Ioniq 5 is an electric motor that produces 215 bhp and 350 Nm of torque, mated to a 72.6 kWh battery pack.
In the EV’s interior, eco-processed leather is the upholstery option on offer, and like any Hyundai vehicle, it is loaded to the gills with features and connected car technology.
There is also a Bose sound system with eight-speakers, along with the 12.3-inch touchscreen infotainment system that has support for over-the-air (OTA) updates.
By 2025, Ford plans to resize its European engineering footprint, resulting in 2,800 fewer jobs….reports Asian Lite News
US automaker Ford on Tuesday announced it will eliminate 3,800 jobs over the next three years in Europe to restructure its business, creating a leaner, more competitive cost structure.
By 2025, Ford plans to resize its European engineering footprint, resulting in 2,800 fewer jobs. These changes are driven by the transition to fully electric powertrains and reduced vehicle complexity.
Additionally, a leaner cost structure will be created for Ford’s administrative, marketing, sales and distribution functions in Europe, which includes the elimination of approximately 1,000 positions.
Ford said it will maintain an engineering organisation of approximately 3,400 roles in Europe, focused on vehicle design and development, as well as the creation of connected services.
“Paving the way to a sustainably profitable future for Ford in Europe requires broad-based actions and changes in the way we develop, build, and sell Ford vehicles. This will impact the organisational structure, talent, and skills we will need in the future,” said Martin Sander, General Manager of Ford Model e in Europe.
The actions align Ford’s product development organisation and administrative functions in Europe, with a smaller, more focused, and increasingly electric product portfolio.
The automaker said it will now engage in consultation with its social partners across Europe with the intent to achieve the reductions through voluntary separation programmes.
“These are difficult decisions, not taken lightly. We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead. We will engage in consultations with our social partners so we can move forward together on building a thriving future for our business in Europe,” Sander said.
Ford is the top commercial vehicle brand in Europe, leading the industry for the past eight years.
Ford in Europe said it will continue to invest in the design and development of electric passenger vehicles, meeting consumer demand while at the same time targeting carbon neutrality across its European facilities, logistics and key suppliers by 2035.
“We are committed to our customers in Europe. Ford is focused on delivering an exceptional customer ownership experience, with outstanding digital services and connectivity, ensuring their daily mobility needs are exceeded,” said Sander.
Globally Ford is investing over $50 billion in EVs through 2026.
The report also said that the sell comes just a week after Ford disclosed a $7.3 billion write-down on its Rivian investment last year….reports Asian Lite News
US-based Ford Motor Company has sold a majority of electric vehicle startup Rivian shares, according to the US Securities and Exchange Commission (SEC).
The shares of the EV maker have been dropping steadily since May 2022, and are now at 1.15 per cent, or 10.5 million shares, reports TechCrunch.
The report also said that the sell comes just a week after Ford disclosed a $7.3 billion write-down on its Rivian investment last year.
Rivian’s stock has fallen almost 70 per cent since February 2022.
Moreover, Ford reported a $5.4 billion “mark-to-market loss” on its Rivian investment in April last year, also the automaker sold 15 million shares in two separate transactions the following month, reducing its stake in the EV maker to less than 10 per cent, according to the report.
Ford’s partnership with Rivian began in 2019 with a $500 million investment in the promising EV startup.
Other companies, like Amazon, also reported a $2.3 billion valuation loss in its Rivian stock.
Earlier this month, Rivian announced to lay off 6 per cent of its workforce.
As reported by Reuters, Rivian’s chief executive RJ Scaringe announced the lay-offs in an email to employees, stating that the firm is focusing resources on increasing vehicle manufacturing and achieving profitability.
After hatchbacks, Maruti Suzuki to hatch more SUVs.
Maruti Suzuki’s market share, which was at 51 per cent in 2019, has gone down to 41 per cent this September…reports Asian Lite News
With the petrol-powered small car/hatchbacks buyers affected and others opting for sport utility vehicle (SUV), Maruti Suzuki India Ltd will increase its CNG powered models as well as SUVs, Maruti-Suzuki Chairman R.C. Bhargava said on Friday.
He also said the small car segment which was at about 70 per cent for the company will go down to about 65 per cent which is also a substantial size.
Speaking to reporters, he noted that there has been a degrowth in the small car hatchback segment while SUV segment logged major growth.
“Next year, there will be degrowth in the hatchback segment. The purchasing power of hatchback segment has been affected and hence, is not growing. The production capacity will come down from 70 per cent to what the market needs,” Bhargava said.
Nevertheless, hatchbacks are still a large part of Maruti Suzuki’s business.
According to him, the decline in the small car market began three years ago and inflation will make it worse affecting this market segment.
He said the change in the composition of sales – decline in small cars and increase in SUVs – is due to the various price increases.
Maruti Suzuki’s market share, which was at 51 per cent in 2019, has gone down to 41 per cent this September.
Bhargava did not agree that the company was late in entering the electric vehicle segment -it plans to launch its model in 2025 – even as Tata Motors has launched a mass market model.
“The purchasing power of hatchback segment has been affected and hence, is not growing. The production capacity will come down from 70 per cent to what the market needs,”
“We are localising the components, looking at the infrastructure development in the country. An electric vehicle customer should not face issues,” he said.
Queried about the inventory build up of the small cars, Shashank Srivastava, Senior Executive Director, Marketing & Sales said there has been a bit of build up as there is mismatch of supply and demand.
He did not agree that the increase in compressed natural gas (CNG) prices will result in higher demand for diesel-powered models.
Srivastava said the diesel segment remains at 18 per cent and CNG continues to be a good economical option against petrol and diesel vehicles.
He said Maruti Suzuki will launch more CNG-powered models based on the waiting period for the existing ones.
On the SUV front, Bhargava said Maruti Suzuki will increase its offerings and newer models will be showcased at the upcoming AutoExpo.
Queried about the impact of rupee depreciation against the dollar, he said that the Indian currency depreciation is much less as compared to other currencies.
The rupee has strengthened against the yen, which has resulted in imports becoming cheaper for Maruti Suzuki.
Bhargava said the company is targeting two million units this year though the major challenge is the supply of semiconductors.
As regards the used car segment Srivastava said the used car pool has gone down.
Meanwhile, the company logged an operational revenue of Rs 29,930.8 crore and a net profit of Rs 2,061.5 crore for the quarter ended on September 30, 2022.
For the previous year’s corresponding period, Maruti Suzuki’s total operational revenue stood at Rs 20,538.9 crore and a net profit of Rs 475.3 crore.
During the quarter under review, the company had sold 517,395 vehicles — domestic 454,200 units, exports 63,195 units.
Shortage of electronic components impacted production by about 35,000 vehicles in this quarter.
The same period previous year was marked by acute shortage of electronic components and consequently the company could sell a total of 379,541 units comprising 320,133 units in domestic and 59,408 units in export markets.
Pending customer orders stood at about 412,000 vehicles at the end of this quarter out of which about 130,000 vehicle pre-bookings are for recently launched models, the company said.
The partnership will leverage Rolls-Royce’s aviation and certification capabilities and its own hydrogen fuel cell technologies and industrialisation capability….reports Asian Lite News
South Korea’s automotive major Hyundai Motor Group and Rolls-Royce have teamed up to bring out an all electric propulsion and hydrogen fuel cell technology-powered air mobility.
According to Hyundai, the partnership will leverage Rolls-Royce’s aviation and certification capabilities and its own hydrogen fuel cell technologies and industrialisation capability.
The Memorandum of Understanding (MoU) between Rolls-Royce and Hyundai includes five strategic aims:
* Collaborating on the technology development and requirements of power and propulsion systems for Hyundai’s Advanced Air Mobility Division
* Collaborating on the industrialisation of Rolls-Royce power and propulsion systems for the advanced air mobility market
* Development of electric propulsion systems based on hydrogen fuel cells as an energy source for Hyundai’s RAM platforms
* Collaborating to bring to market a joint fuel-cell electric propulsion system to the wider AAM market
* Delivering a joint fuel-cell electric aircraft demonstration by 2025.
According to Jaiwon Shin, President, Hyundai Motor Group, the partnership with Rolls-Royce will draw upon their aviation and certification expertise to accelerate the development of hydrogen fuel-cell propulsion systems.
“Hyundai has successfully delivered hydrogen fuel cell systems to the global automotive market and is now exploring the feasibility of electric and hydrogen propulsion technologies for aerospace integration. We believe this to be the key technology to support the global aviation industry’s goal to fly net zero carbon by 2050,” he added.
Meanwhile, the union of Hyundai Motor said on Tuesday it has tentatively agreed with the company to build a dedicated electric vehicle (EV) plant in South Korea by 2025 amid a global electrification push.
Hyundai and its union reached an agreement on the domestic EV plant in the carmaker’s main Ulsan plant, 414 kms southeast of Seoul, a union spokesperson told Yonhap news agency.
The tentative agreement is subject to a vote by unionized workers as early as this month, ahead of the one-week summer holidays, which begin on July 30, he said.
Hyundai and its union are in negotiations over wages for this year and the domestic EV plant, a company spokesperson said.
The planned EV plant is part of Hyundai Motor Group’s plans announced in May to invest 63 trillion won ($49.8 billion) in its domestic businesses by 2025.
In May, Hyundai Motor Group also announced it will invest $5.54 billion to build a dedicated EV and car battery manufacturing plant in Georgia, the United States, with an aim to start production in the first half of 2025.
Hyundai has seven domestic plants in Korea and 11 overseas plants — four in China, and one each in the U.S., the Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their combined capacity reaches 5.65 million vehicles.
