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Hyundai’s EV plans are getting bigger

The move is in line with global carmakers’ plans to fill their lineups with zero-emission vehicles to help slow the pace of global warming….reports Asian Lite News

Hyundai Motor Group said on Tuesday it will invest 24 trillion won ($18.2 billion) in its domestic electric vehicle (EV) production facilities and other EV projects by 2030.

Hyundai Motor, its smaller affiliate Kia and auto parts maker Hyundai Mobis will collectively make the investment to become the world’s No. 3 EV maker in terms of sales by 2030, the group said in a statement.

The move is in line with global carmakers’ plans to fill their lineups with zero-emission vehicles to help slow the pace of global warming.

The companies will spend most of the planned investments in expanding their existing EV production lines, developing future mobility parts and technologies, establishing the EV infrastructure and exploring new EV business opportunities, reports Yonhap news agency.

The latest investment figure has been revised up from 21 trillion won announced by the Korean automotive group in May last year.

Hyundai Motor and Kia are aiming to sell a combined 3.64 million all-electric vehicles in global markets in 2030. In this year’s CEO Investor Day last week, Kia said it aims to sell 1.6 million EVs in 2030.

Hyundai Motor and Kia plan to release a total of 31 battery electric vehicles by 2030, including the Kia EV9 this year and the Hyundai IONIQ 7 next year, it said.

The EV9 is Kia’s second model equipped with Hyundai Motor Group’s EV platform, called E-GMP, after the EV6 SUV launched in 2021. Hyundai’s IONIQ 5 and IONIQ 6 are also built on the same platform.

The 31 pure electric vehicles include 18 models from Hyundai and its independent Genesis brand and 13 from Kia.

On Tuesday, Kia began the construction of a 150,000-unit-a-year EV plant inside its existing factory in Hwaseong, just south of Seoul, with a goal to start production in late 2025.

Hyundai.

President Yoon Suk Yeol attended the groundbreaking ceremony and called on the group to lead the future mobility solutions industry.

“The government will run as ‘one team’ (with Hyundai Motor Group) to take the lead in the world’s mobility innovations market along with policy support such as tax benefits (for the automotive industry),” he said.

Hyundai Motor also plans to complete a 150,000-unit-a-year EV plant in its main Ulsan plant, 414 kilometers southeast of Seoul, by 2025.

The group is building a 300,000-unit-a-year EV and battery plant in the U.S. state of Georgia, with a goal to begin production in the first half of 2025.

Hyundai Motor and Kia have set a combined sales goal of 7.52 million units this year, up 9.8 percent from the 6.85 million units they sold last year.

The two together form the world’s third-largest carmaker by sales after Toyota Motor Corp. and Volkswagen Group.

Hyundai Motor, Kia and Hyundai Mobis are expected to spend their own cash and cash equivalents reaching more than 35 trillion won as of the end of 2022 for the EV investments.

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Business

Hyundai to buy GM India’s Talegaon plant

The Indian subsidiary of the South Korea’s Hyundai Motors has a big manufacturing facility in Irrungattukottai near here….reports Asian Lite News

The Hyundai Motor India Ltd with a view to have a second automobile plant in India is considering to acquire land and building and some assets of General Motors India’s Talegaon plant in Maharashtra.

According to Hyundai Motor India, a Term Sheet has been signed for the potential acquisition of identified assets of the plant like land and building, certain machinery and equipment situated at the General Motors India’s plant in Talegaon.

The Hyundai Motor India said the proposed acquisition is subject to the signing of the ‘Definitive Asset Purchase Agreement’ and fulfillment of conditions precedent and receipt of regulatory approvals from relevant Government Authorities and all the stakeholders related to the acquisition.

The Indian subsidiary of the South Korea’s Hyundai Motors has a big manufacturing facility in Irrungattukottai near here.

The Hyundai Motor India has earlier announced its plans to get into electric vehicle manufacturing.

Further another facility outside Tamil Nadu is a sort of derisking strategy and also being closer to other markets in the country.

It should be noted Ford Motor Company had shuttered its Chennai plant operations sometime back.

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Business

Hyundai’s profit more than doubles in Q4

Hyundai.

For the whole of 2022, net income jumped 40 percent to 7.983 trillion won from 5.693 trillion won the previous year…reports Asian Lite News

Hyundai Motor said on Thursday that its fourth-quarter net profit more than doubled from a year earlier on improved chip supplies, strong demand for its high-end SUVs and a weak won.

Net profit for the three months ended Dec. 31 jumped to 1.709 trillion won (US$1.38 billion) from 701.37 billion won during the same period of last year, the South Korean carmaker said in a statement.

“An improved product mix, low incentives, the won’s weakness (against the dollar) buoyed the quarterly bottomline despite high inflation and global economic slowdown,” Seo Gang-hyun, executive vice president in charge of Hyundai’s finance and accounting division, said in the company’s earnings conference call.

Improved chip supplies led to increased production and sales, while increased sales of high-margin SUVs and a weak won enhanced profitability, he said, reports Yonhap news agency.

Looking ahead, however, he expressed concerns that geopolitical risks such as the Russia-Ukraine war and possible U.S. rate hikes may continue to weigh on consumer demand this year.

Operating profit also more than doubled to 3.359 trillion won in the fourth quarter from 1.529 trillion won a year ago. Sales rose 24 percent to 38.523 trillion won from 31.026 trillion won during the same period.

For the whole of 2022, net income jumped 40 percent to 7.983 trillion won from 5.693 trillion won the previous year.

Operating profit climbed 47 percent to 9.819 trillion won from 6.679 trillion won during the mentioned period. Sales were up 21 percent to 142.528 trillion won from 117.611 trillion won.

In 2022, Hyundai sold 3.94 million vehicles in global markets and it aims to sell 4.32 million autos this year.

Of the overall sales target, the company aims to sell a total of 330,000 electric vehicles globally in 2023, up 54 percent from a year earlier. It plans to roll out 17 EV models by 2030, including six Genesis models.

Hyundai Motor said it will start construction on the 300,000-unit-a-year EV and battery manufacturing plant in the U.S. state of Georgia in the first half of this year, and begin production in the first half of 2025.

The maker of Sonata sedans and IONIQ EVs is targeting revenue growth of 10.5-11.5 percent this year and operating profit margin of 6.5-7.5 percent.

To help achieve the targets, the company plans to launch the all-electric IONIQ 6, the all-new Kona subcompact SUV, and the full-change Santa Fe SUV in global markets this year.

Hyundai plans to spend 10.5 trillion won this year, with 5.6 trillion won for facility investments, 4.2 trillion won for R&D activities and the remainder for other strategic purposes.

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Business

Hyundai ranks 3rd in global vehicle sales

The group’s ranking jumped from fifth with sales of 3.475 million autos in the first half of 2021…reports Asian Lite News

South Korea’s Hyundai Motor Group said on Monday it ranked third in first-half global vehicle sales on increased high-end model sales despite the lack of automotive chips.

Hyundai Motor, its independent Genesis brand and Hyundai’s smaller affiliate Kia Corp. sold a total of 3.299 million vehicles in global markets in the January-June period, following Toyota Motor Group’s 5.138 million units and Volkswagen Group’s 4.006 million units, according to their sales data.

In the first six months, increased sales of Genesis models, the all-electric Hyundai IONIQ 5 and the pure electric Kia EV6 pushed up the Korean carmaker’s sales ranking, reports Yonhap news agency.

The group’s ranking jumped from fifth with sales of 3.475 million autos in the first half of 2021.

The Korean automaker’s first-half sales fell 5.1 per cent from a year earlier, faring better than its global competitors.

Toyota Group’s sales declined 6 per cent, Volkswagen Group’s dropped 14 per cent, Stellantis’ shed 16 per cent, and General Motors plunged 19 per cent.

Stellantis is a 50:50 joint venture set up through the merger of U.S. carmaker Fiat Chrysler Automobiles N.V. and French automaker PSA Groupe.

Hyundai Motor said last week it will spend $424 million to build an artificial intelligence (AI) research centre in the US to bolster its edge in robotics technology, an area it cites as a key future growth driver.

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Business Motoring

Hyundai, Rolls-Royce team up for air mobility

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.

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Business India News

Hyundai to bet big on eco-friendly cars

The latest US investment plan is part of Hyundai’s broad plan to invest $7.4 billion in its US plants and markets by 2025…reports Asian Lite News

Hyundai Motor said on Wednesday it will invest 370 billion won ($300 million) in its US plant to begin the production of environment-friendly vehicles there later this year.

Hyundai Motor will upgrade the existing assembly lines of its Alabama plant for the production of the Santa Fe gasoline hybrid model and the all-electric Genesis GV70 sport utility vehicle in October and December, respectively, the company said in a statement.

“Hyundai is taking its first steps toward bringing EV production to the United States. We are excited to showcase our team members in producing EVs here in Alabama,” said Ernie Kim, president and CEO of Hyundai Motor Manufacturing Alabama.

Hyundai Motor’s new growth plans in Montgomery will help prepare the state’s auto industry for the EV revolution while also aligning with its strategic initiatives, such as Drive Electric Alabama, the Alabama state Governor Kay Ivey said, reports Yonhap news agency.

The latest US investment plan is part of Hyundai’s broad plan to invest $7.4 billion in its US plants and markets by 2025.

The group, which has Hyundai and Kia as major affiliates, aims to launch seven electric models in the US, the world’s most important automobile market, this year.

Hyundai Motor’s US sales from January to March fell 2.3 percent to 171,399 vehicles from a year earlier amid global chip shortages.

The carmaker produces the Elantra compact, the Tucson, Santa Fe and Santa Cruz SUVs in the Alabama plant.

It has seven domestic plants and 11 overseas plants — four in China and one each in the United States, the Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their combined capacity reaches 5.65 million vehicles.

Meanwhile, South Korean carmakers’ sales fell 10 per cent last month from a year earlier, as global chip supply disruptions continued to affect vehicle production and sales, industry data showed on Friday.

The five carmakers in South Korea, Hyundai Motor, Kia, GM Korea, Renault Korea Motors and SsangYong Motor — sold a combined 608,398 vehicles in March, down from 676,476 units a year ago, according to data from the companies.

Their domestic sales declined 21 per cent to 111,124 units in March from 141,205 a year ago. Overseas sales also dropped 7.1 per cent to 497,274 from 535,271 during the same period, the data showed.

Hyundai and its smaller affiliate Kia saw the lack of semiconductor parts weigh on their monthly sales results in March.

Hyundai’s sales fell 17 per cent to 313,926 units from 378,246 a year ago, and Kia’s declined 0.9 per cent to 259,646 from 252,943 during the same period.

The country’s two biggest carmakers said they will make efforts to minimise the impact of the supply disruptions by readjusting their vehicle production schedules amid the pandemic.

This year, Hyundai and Kia said they will continue to focus on promoting their SUV models, including Hyundai’s all-electric IONIQ 5 crossover utility vehicle, to ride out the unprecedented virus crisis in global markets.

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Kashmir tweet lands Hyundai India in soup

It all started on February 5 with a tweet from a handle Hyundai Pakistan Official that read: “Let us remember the sacrifices of our Kashmiri brothers and stand in support as they continue to struggle for freedom.”…reports Asian Lite News

Korean car maker Hyundai Motor India found itself on a sticky road with its statement that many Indians consider as insufficient and skirting over the issue of whether Kashmir is an integral part of India.

To control further damage, Hyundai Global should come out with an appropriate statement, said a brand expert.

On Twitter the handles ‘Boycott Hyundai’ and ‘Boycott Kia’ started trending.

It all started on February 5 with a tweet from a handle Hyundai Pakistan Official that read: “Let us remember the sacrifices of our Kashmiri brothers and stand in support as they continue to struggle for freedom.”

India’s neighbour Pakistan observes February 5 as ‘Kashmir Solidarity Day’ as a mark of its support to the so-called ‘separatist’ movement in Kashmir.

Soon social media users started forwarding the controversial post and also tagged it to Hyundai Motor India’s Twitter account with their comments and a call for boycotting the car maker’s models.

On its part, Hyundai Motor India started blocking those social media accounts and later came out with a statement.

“The unsolicited social media post linking Hyundai Motor India is offending our unparalleled commitment and service to this great country. India is second home to the Hyundai brand and we have zero tolerance policy towards insensitive communication and we strongly condemn any such view,” Hyundai Motor India tweeted.

Continuing further Hyundai Motor India said: “As part of our commitment to India, we will continue our efforts towards the betterment of the country as well as its citizens.”

The statement not expressing any regret to the original offending tweet questioning the territorial integrity of India further infuriated Indians on social media.

Shiv Sena party’s Rajya Sabha Member Priyanka Chaturvedi tweeted: “Hi Hyundai. So many wishy-washy words not needed. All you need to say is – we are unequivocally sorry. Rest is all unnecessary”.

“Hyundai Motor India is managing the crisis in India. There is nothing wrong with that. It should be remembered brands are global entities and they should not touch religion, politics and geopolitics,” Harish Bijoor, brand expert and founder of Harish Bijoor Consults Inc, told IANS.

According to Bijoor, brands are global and need to be extremely careful when they go local.

“Hyundai Pakistan tried to go local and sacrificed the global brand,” Bijoor added.

He said it is imperative on the part of Hyundai Global to come out with an appropriate statement that manages the crisis.

“Brands should take a global stance and not a national stance,” Bijoor added.

India is a major production and sales market for Hyundai. The company has a capacity to make 7.5 lakh cars at its plant near here.

The company also ships out its cars to various overseas markets.

Group company Kia has its facility in Andhra Pradesh.

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