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Hyundai CEO Chang shifts resources to pursue EVs
Bullish Hyundai CEO Jaehoon Chang is counting on global EV sales surging 57%

 

Hot-selling Hyundai has successfully checked off a long to-do list as the mass-market brand and its Genesis luxury stablemate have moved up the sales chart. Higher quality? Check. Better design? Check. More crossovers? Done and done. A fuller premium portfolio? Roger.
Now, Hyundai Motor Co. has a new order of business: mastering electric vehicles.
CEO Jaehoon Chang is so bullish about the company's prospects that he forecasts Hyundai and Genesis global EV sales surging 57 percent to 220,000 vehicles in 2022 from a tally of 140,000 expected this year.
The outlook is part of a newly upgraded internal goal at Hyundai Motor Group to sell 1.7 million EVs in 2026. That revised objective covers the Hyundai, Kia and Genesis brands and represents an ambitious extension of the earlier goal of 1 million worldwide in 2025.
To get there, Hyundai will invest in EV factory capacity in the U.S. under a $7.4 billion plan that will be detailed next year. It will introduce a new dedicated EV platform to underpin an expanded global lineup that will include 13 all-electric offerings, leveraging the Ioniq EV subline. At the same time, the automaker will all but halt investment into new internal combustion engines as it splurges on areas ranging from new battery technologies to EV production bases.
"That's the transition that we would like to pursue. As fast as possible," Chang told Automotive News this month. "We will go very aggressively on electrification."
Chang, who was Genesis' global boss before being tapped as head of Hyundai Motor Co. in December 2020, has the helm at a critical turning point for South Korea's flagship automaker.
Hyundai's big push into EVs comes as the company fleshes out several key business components in its rapid ascent to the top tier of global carmakers — nailing quality control, turning heads with sexy styling, rounding out a full line of crossovers, and putting Genesis on the premium map.
New priorities
Hyundai long played catch-up to global rivals in those areas, but Chang said the work is now largely complete. And it's time to shift gears for the brewing battle in electrification.
"The point is how we can be competitive by introducing new models. That is our big momentum, the game-changer," Chang said of the EV plunge.
The ramp-up will springboard off a trio of offerings from the Ioniq series. The push begins with the Ioniq 5 compact crossover on sale now and continues with the Ioniq 6 sedan and Ioniq 7 three-row crossover.
But those are just three of some 13 EVs the Hyundai brand intends to have on the market in 2026, including electric derivatives of existing nameplates. While the Ioniq series rides on Hyundai Motor Group's new E-GMP platform , the carmaker will also introduce another dedicated EV platform to underpin the expanded lineup.
Chang declined to offer details about the upcoming architecture.
"This is to explain our confidence in how we can build up those numbers with a single platform. We are not simply looking at only one platform," Chang said.
"We are expanding our volume for EVs. And we have a plan for how we can do that."
Chang declined to specify a U.S. target for EV sales or overall volume in 2026. But he said the Hyundai brand is focusing on record market share rather than pure volume. Through November, combined sales of Hyundai and Genesis climbed 28 percent to 731,363 vehicles, with Hyundai up 24 percent to 686,741, on track to be within striking range of its 2016 peak of 768,057.
The Hyundai brand's U.S. market share was up 0.7 percentage point to 5 percent through September. Genesis' share stood at 0.3 percent, up from 0.1 percent a year earlier.
Looking to 2030, Hyundai expects to get half of its U.S. sales from EVs, riding surging customer interest in the technology and growing government support for it. Globally, Hyundai and Genesis EV sales are forecast to reach 220,000 in 2022, from just 90,000 in 2020.
Genesis will start phasing out internal combustion in 2025 and launch eight battery-electric and fuel cell electric replacements to make it an all-EV brand by 2030.
"I think there is a big momentum in how customers feel about EVs," Chang said. "We see a clear signal from the market that demand will be increasing."
Shifting electric
In May, Hyundai said it will invest $7.4 billion in the U.S. by 2025 to produce EVs, upgrade plants and further cultivate its ambitions in areas such as urban air mobility. Chang said those plans will be detailed next year but emphasized that the capacity expansion will focus almost solely on EVs.
The company is also pursuing development of solid-state batteries, but Chang said it is too early to promise commercialization by 2030, as some Japanese automakers have done. In the meantime, the company will continue to work on a next-generation version of lithium ion and lithium metal batteries. That will be done in partnership with South Korean battery makers.
Hyundai is all but ending development of all-new combustion engines. It will upgrade existing powerplants as much as possible to meet new emissions standards and then roll out gasoline-electric hybrid systems as a bridge until EV demand really takes hold.
"We will align our powertrain product to be applicable under the new regulations," Chang said. "Which doesn't mean we need to have full, new engine development."
As Chang aptly summed the Hyundai zeitgeist: "We are focusing on EVs from now on."

 

(ANE)

 

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Hyundai Q2 profit jumps 59% as chips crunch eases

The strong results come amid an easing of the chip shortage, which helped Hyundai resume overtime and weekend shifts at its domestic plants.

 

SEOUL -- Hyundai Motor posted a rise of 59 percent in second-quarter profit as a weak won currency lifted the value of overseas earnings and demand stayed strong for the South Korean automaker's high-margin SUVs.

Net profit climbed to 2.8 trillion won ($2.13 billion) for the April-June period from 1.8 trillion won a year earlier.

"A robust sales mix of SUV and Genesis luxury models, reduced incentives from a lower level of inventory, and a favorable foreign exchange environment helped lift revenue in the second quarter, despite the slowdown in sales volume amid an adverse economic environment," Hyundai said in a statement on Thursday.

The strong results come amid an easing of a global chip shortage, which helped Hyundai resume overtime and weekend shifts at its domestic plants, offsetting lost vehicle production caused by a nationwide trucker strike in June.

"After nearly two years of chip shortages, automakers, including Hyundai, are getting enough chips to produce at nearly full capacity," said Lee Jae-il, an analyst at Eugene Investment & Securities.

 

(ANE)

 

 

  • 4 settimane fa...
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#Pills: la prossima generazione di Hyundai i10, in arrivo probabilmente nel 2024, sarà un modello 100% elettrico e offrirà anche una versione crossover. Crescerà di dimensioni e il prezzo, secondo quanto dichiarato da Andreas-Christoph Hofmann (capo del marketing europeo di Hyundai) ad Automotive News, si aggirerà attorno ai 20.000€.

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Kia to start EV production in Europe as early as 2025
Kia will start building electric cars in Europe as soon as 2025 as part of a newly expanded EV strategy.


MILAN – Kia will expand its range of full-electric models with a small crossover due to be launched in 2024 as well as a compact hatchback as soon as 2025 that would be the South Korean brand’s first EV assembled in Europe.

The two cars were revealed as part of Kia’s revised 2030 EV strategy, under which it will launch at least two full-electric vehicles a year starting in 2023, Kia Italy executives said last week at an event here.

Kia global CEO Ho Sung Song announced the new model roadmap in March at an investor day. By 2027, Kia will have 14 EVs in its global lineup. It currently sells three in Europe: the Soul and Niro small crossovers and the EV6 midsize crossover.

The brand’s previous EV plan called for a lineup of 11 models by 2026. Under the expanded plan, Kia will add two electric pickups, including one for emerging markets and an entry-level model.

These are some of the key elements of the revised plan:

2023: The EV9 large SUV will be launched in the second half. It has already been shown in concept form. The EV9 will be sold in Europe, and will have a 100-kilowatt battery pack with a range of more than 540 km (335 miles);
2024: Unnamed small crossover;
2025: Minicar-sized crossover, potentially made in India. At the March investor event, Kia said India will become a production base for EVs “around 2025” for the “A+ to C segments” (minicar to compact). Also in 2025, a larger compact SUV at 4.6 meters long will be launched.
Around 2025: Europe-assembled compact-size hatchback. At 4.4 meters long, the car would be similar to the current Ceed hatchback, which is built in the Zilina plant in Slovakia. The Ceed and its variants (ProCeed and XCeed) are available as plug-in hybrids.
By 2027: Midsize fastback sedan. 
Unspecified date: Two "pickup/commercial" vehicles are set to be launched.
Giuseppe Bitti, Kia Italy chief operating officer, said at the event in Milan that the plan is still subject to final approval and that “dates may vary depending on market conditions.”


The Kia EV6 midsize crossover, which is underpinned by the Hyundai Group’s E-GMP full-electric platform, has recorded 22,267 sales through September in Europe.

1.2 million EVs by 2030
According to the 2030 roadmap to electrification presented in March, Kia aims to increase annual sales of all models to 4 million by 2030 from 3.15 million in 2022. Sales of full-electric cars should grow to 1.2 million by that date, from 160,000 in 2022 and 807,000 in 2026. Plug-in hybrids would account for 800,000 units by 2030.

Kia’s EV sales in Europe are expected to grow from 65,000 in 2022 to 309,000 in 2026 and 400,000 in 2030. The share of electric models in Europe will grow from 13 percent in 2021 to 51 percent in 2026 and 63 percent in 2030. The EU has mandated that only zero-emission cars can be sold in the bloc after 2035.

According to the plan, production of full-electric models will start in China next year, in the U.S. in 2024, and in Europe and India by 2025.

In Europe, small and medium-sized EVs will be produced starting from 2025. In the United States, where midsize SUVs and pickups are popular, electric versions of these models will be produced starting in 2024. In China, Kia plans to introduce midsize EVs in 2023, and entry-level and midsize EV models will be built in India starting in 2025.


Kia has gained the second-most market share in Europe since 2017, trailing only Toyota with an increase of two percentage points for a 5 percent share. Kia and sibling brand Hyundai have done a better job than rivals securing semiconductors and other components, analysts said, and their EV offerings have been extremely competitive.

The Niro was the No. 5-selling EV in Europe through September, with 30,768 units sold (-10 percent from 2021), according to Dataforce; the EV6, which is underpinned by the Hyundai Group’s E-GMP full electric platform, has been a success with 22,267 sales through September after launching at the end of 2021.

 

(ANE)

 


 

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Hyundai, Kia expect vehicle sales to jump 10% in 2023

Analysts said the sales target appears to be aggressive but achievable, considering pent-up demand for vehicles caused by supply chain disruption.

 

SEOUL -- Hyundai Motor and affiliate Kia forecast that their combined global vehicle sales will jump nearly 10 percent in 2023, even as last year's sales fell short of target due to supply chain disruptions.

The companies sold 6.85 million vehicles in 2022, about 4 percent less than their combined target of 7.16 million vehicles, largely due to problems including chip and component shortages.

The companies said they would target global sales of 7.52 million vehicles this year.

"Hyundai plans to expand market share and operate profitability oriented businesses by flexibly responding to market changes, accelerating its transition to electrification, responding to global environmental regulations, and optimizing production, logistics and sales by region," the company said in a statement.

Analysts said the sales targets of the two companies for this year appear to be aggressive but achievable, considering pent-up demand for vehicles.

"Hyundai Motor and Kia are still seeing relatively higher back orders of vehicles and car buyers are still waiting in line to buy cars despite the recent economic environment...with that demand in the picture, the companies appear to be confident," said Kim Gwi-yeon, an analyst at Daishin Securities.

Kim, however, added that economic obstacles such as high interest rates could dampen car sales, especially in the second half of the year after pent-up demand softens.

Hyundai said its 2022 global sales including its Genesis brand increased 1.4 percent year-on-year to 3.94 million units, helped by strong sales of Ioniq 5 and the successful launch of Ioniq 6. The two all-electric models together had over 100,000 units of global sales in 2022.

Hyundai's 2023 volume target is 4.32 million.

Kia said its global volume last year rose 4.9 percent to 2.9 million units and its target for 2023 is 3.2 million.

 The Sportage SUV topped its 2022 global sales ranking with 452,068 units sold, followed by the Seltos SUV with 310,418 units and the Sorento SUV with 222,570 units.

 

(Reuters)

 

 

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14 ore fa, 4200blu scrive:

Hyundai Mobis e-Corner System

 

 

 

 


Per chi volesse vedere il sistema in azione su una IONIQ 5 opportunamente adattata.

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