Hyundai, Kia, Automotive trends, Auto industry trends, Automotive market research, Automotive market analysis, auto industry news

Hyunda & KIA are affiliated Korean OEMs selling cars and light commercial vehicles under the Hyundai, KIA and Genesis brands. This page contains research on Hyundai & KIA's activities and strategy.

Automotive trends, Auto industry trends, Automotive market research, Automotive market analysis, auto industry news

2019

July

  • Hyundai’s VC unit invested in parking location and payment app AppyParking. (Hyundai)
  • Invested in Maniv Mobility’s new $100 million fund. (Economic Times of India)
  • Hyundai says that continuously variable valve duration (CCVD) technology provides a 5% improvement in fuel economy. (Hyundai)
  • Might enter NASCAR when new rules come into force for 2021. (Autoweek)

Q2 2019 Financial Results

  • Hyundai reported Q2 2019 revenue of 26.97 trillion won (about $23 billion), up 9.1% on a year-over-year basis and operating profit of 1.24 trillion won (about $1 billion), 30.2% better YoY. (Hyundai)

June

  • Teaming up with oil giant Saudi Aramco to explore hydrogen production and distribution. (Hyundai)
  • Not going ahead with a £20 million mega vanity dealership on the outskirts of London, UK. Hyundai pointed to the existing dealer network and online sales as areas where the money would be better spent. (Motor Trader)
  • Unveiled the new Kia Seltos compact SUV. (Kia)
  • Deepened an existing partnership with Aurora to develop driverless cars by making an investment of an undisclosed amount (rumoured to be sub-$30 million) in the firm. (Kia)
  • As rumoured, Kia will stop producing cars at one of the three Chinese joint venture plants at the end of June, the factory will instead be used to make electric cars for a domestic brand (said to be Human Horizons). (Yonhap)
  • Hyundai’s chairman called on G20 energy ministers to support the creation of a hydrogen economy that could support zero emission vehicles. (Hyundai)
  • Kia’s new compact SUV will be called the Seltos. (Kia)
  • Will use sensors and algorithms developed by Israeli firm MDGo in a pilot project to assess occupant condition after an accident. (Hyundai)
  • Released the first images of the new XCeed Crossover model. (Kia)
  • Although Kia is exploring new business models relating to mobility and transportation and a service, the company is struggling to see a route to profitability and is especially troubled by how to cope with residual value risk when providing new cars in alternative schemes. (Forbes)

May

  • Hyundai and Kia are developing an electric commercial vehicle that weighs itself so that it can select the most efficient motor settings. Because the system uses accelerometers, it can avoid costly air suspension. (KIA)
  • Hyundai is opening a mobility research centre in Russia. (Hyundai)
  • Hyundai wants to sell hydrogen fuel cell systems to rivals, rather than have them develop their own. (FT)
  • Received over 17,000 pre-orders from Indian customers for the Venue SUV. (Autocar)
  • Hyundai’s executive vice chairman says the company needs to focus on customers more and look at what competitors are doing less, citing a need to boost R&D efficiency as the greatest challenge. (Hyundai)
  • Kia showed some sketches of what the interior of the next generation small SUV will look like. The designers should probably expect a call from BMW. (Kia)
  • Hyundai and Kia will invest a collective €80 million in electric car developer Rimac and will work with the Croatian company on high performance electric and fuel cell vehicles. Porsche took a 10% stake in Rimac last year. (Kia)
  • Kia teased images of the new small SUV it plans to unveil in the summer. (Kia)

April

  • Hyundai invested $5 million in audio personalisation firm Audioburst. (Audioburst)
  • Kia executives said that whilst the option of a light pick-up truck based on the forthcoming Hyundai Santa Cruz remains, the brand is not actively pursuing it, seemingly wanting to see how Hyundai’s version fares in the market first. (The Drive)
  • Confirmed the announcement of ex-Nissan executive José Muñoz as COO. (Hyundai)
  • Wants more information about government policy to decide the optimum sourcing strategy for electric vehicle components in India. (Economic Times of India)
  • Reportedly close to announcing a new COO, Nissan’s former chief performance officer. (Bloomberg)
  • Hyundai denied media reports that it had agreed an alliance with Tencent for driverless car development. (Reuters)
  • Working on a digital cockpit with reconfigurable steering wheel buttons that feature their own screen. (Hyundai)

Q1 2019 Financial Results

  • In the first quarter Hyundai sold 1,020,374 units globally, down (2.8)% on the same period in 2018. (Hyundai)
  • KIA sold 650,143 vehicles globally in the first quarter, up 0.6% on a year-over-year basis. (KIA)
  • Kia announced Q1 2019 revenue of 12.4 trillion KRW (about $10.7 billion), (1)% worse than prior year. Operating profit of 594.1 billion KRW (about $510 million) was almost double Q1 2018. (KIA)
  • Hyundai’s sales in Q1 2019 were 24.0 trillion KRW (about $20.7 billion), up 7% on a year-over-year basis, with Hyundai assigning almost all the improvement to better mix. Operating income of 825 billion KRW (about $710 million) rose 21% YoY. (Hyundai)

March

  • Hyundai’s Genesis brand will lease cars with servicing and insurance included in a single payment. Shockingly, the scheme, called Spectrum, isn’t being referred to as a subscription. (Hyundai)
  • Hyundai’s forthcoming small SUV will be named the Venue. (Hyundai)
  • Hyundai and Kia will invest $300 million in ride hailing service Ola. (Hyundai)
  • Kia will launch a Ceed crossover, but won’t say what it will be called until later in 2019. (Kia)
  • Kia broke ground on an expanded UK distribution centre, which will have room for an additional 8,000 vehicles when completed -- great for dealing with any post-Brexit inventory troubles. (Kia)
  • Showed off some details of the new platform that underpins the forthcoming Hyundai Sonata and others. (Hyundai)
  • The demands of an activist fund met resistance from South Korean institutional shareholders. (Reuters)
  • Looking for partners to finance the development of a new corporate headquarters in Seoul, South Korea. (Reuters)
  • Developed a smartphone-based key that lets owners share the vehicle with up to four others. Unlike many contemporaries, Hyundai’s system works using near field communication, rather than transmission to the vehicle modem. (Hyundai)
  • Hyundai may cease operations at a plant in Beijing, China. The firm was keen to stress that the move would be a suspension, not full closure. (Reuters). Kia might also close a Chinese plant. (Reuters)
  • Hyundai is reportedly in the final stages of talks to invest $250 million in Ola. (IB Times)

February

  • Hyundai issued a medium term profit objective of 7% return on sales by 2022. The brand believes that this can be achieved despite a 58% increase in average year product spending. (Hyundai)
  • Announced an executive reshuffle. (Hyundai)
  • Hyundai says that it needs 14 trillion KRW (about $12.5 billion) of net cash or equivalents for working capital and to provide a sufficient buffer for unforeseen one off events. (Hyundai) This appears to be the rationale for rejecting calls from an activist shareholder to return more cash. (Reuters)
  • Hyundai CEO Lee reportedly told investors that the firm is considering capacity cuts in China. (Reuters)
  • Kia will show an all-electric concept car at the Geneva show. (Kia)
  • Hyundai will start offering a performance-oriented range of SUVs in Europe. It isn’t yet clear how much the changes will be purely to the styling and how much dynamic performance might change. (Hyundai)
  • Promised Vietnam’s government that it would increase local sourcing for products assembled in the country to a minimum of 40%. (VietnamNet)

January

  • Hyundai agreed to build a new low cost factory in South Korea in a joint venture with the local government (19% Hyundai stake). Local unions are not happy but the deal has the president’s support. Wages will be almost one third of the average unionised Hyundai employee in South Korea. (Reuters)
  • Hyundai’s MNSOFT subsidiary will develop next generation maps with help from Netradyne. (Vision Systems)
  • Launching a new multi-collision airbag to improve crash performance from secondary impacts. (Hyundai)
  • Reportedly implementing a turnaround plan at its Chinese joint venture that will see 1,500 jobs eliminated. (Reuters)
  • KIA revealed the 3 row Telluride SUV at the Detroit show. (Detroit News)
  • Recalling around 168,000 US vehicles to fix problems with engine wear. (Reuters)
  • Reportedly received local government approval to make electric vehicles in India. (ET)
  • Unveiled a Hyundai concept vehicle featuring wheels on the end of articulated legs. Hyundai says the vehicle offers unparalleled mobility over rough terrain (without explaining the shortcomings of caterpillar tracks). (Hyundai)
  • Hyundai and KIA aim to have a level 4 vehicle on sale around 2025 and a level 5 car by 2030. The two brands will “commercialise” self-driving vehicles in smart cities from 2021 onwards. (Hyundai)
  • Increased long term targets for electric vehicles, between Hyundai and KIA, 44 models are planned for 2025, up from 38 previously, expecting them to account for 1.67 million sales annually. (Hyundai)
  • KIA demonstrated a concept cockpit at CES that will analyse the driver’s facial movements to determine the appropriate cabin lighting, smell and temperature, all through a yet-to-be-created AI algorithm. KIA presented no evidence from existing vehicles that vehicle inhabitants frequently change these settings today. (KIA)

2018

FY & Q4 2018 Earnings

  • KIA sold 2,812,200 vehicles globally during 2018, a year-over-year increase of 2.4%. The 2019 sales target for the brand is 2.92 million units. (KIA)
  • Hyundai reported 2018 sales of 4,586,775 units, an increase of 1.8% versus 2017. The company set a 2019 sales objective of 4.68 million vehicles. (Hyundai)
  • Hyundai reported Q4 2018 and full year financial results. Q4 revenue of 25.67 trillion KRW (about $23 billion) was up 4.8% on the same period a year earlier. Operating income of 501 billion KRW (about $450 million) was down (35.4)%. In the full year, revenue was up 0.9% and profit fell (47.1)%. (Hyundai)
  • KIA reported Q4 2018 and full year financial results. Q4 revenue of 13,.47 trillion KRW was 3.5% better than Q4 2017, operating profit of 382 billion KRW was 26% up. Full year revenue of 54.17 trillion KRW (about $48.3 billion) fell (1.2) on a year earlier. Operating profit of 1.16 trillion KRW (about $1 billion) was down (74.8)%. (KIA)

December

  • Expects the Russian market to grow by 5% to 6% in 2019. (Reuters)
  • Launching fingerprint recognition to unlock and start cars in Q1 2019, starting with the Santa Fe SUV in China. The system has an error rate of one in 50:000; better odds than playing the lottery. (Auto Express)
  • Will build a 250,000 unit capacity car plant in Indonesia, with electric cars set to be amongst the products built, according to government ministers. Hyundai said no firm decisions had been taken. (Reuters)
  • Created a joint venture to build commercial vehicles in Algeria from 2020 onwards, aiming to capture around 25% market share. (Hyundai)
  • Plans annual fuel cell production capacity of 700,000 units by 2030 for Hyundai and Kia, of which half a million will be used for vehicles and the rest will go to off-highway and industrial applications. Hyundai says an investment of 7.6 trillion KRW (~$6.7 billion) will be required and 51,000 jobs will be created. (Hyundai)
  • Announced a series of executive moves, including the first non-Korean R&D chief. (Hyundai)
  • Suffered a half day strike in protest at Hyundai’s plan to form a non-union joint venture with an outlying South Korean regional government. (Reuters)
  • Hyundai is reportedly looking to open a plant in Croatia. (See News)

November

  • Unveiled the new Kia Soul EV with a 64 kWh battery pack. (KIA)
  • The US Department of Justice has reportedly opened an investigation into engine failures in Hyundai vehicles but declined to comment on the story. (Reuters)
  • Announced a partnership with drone start-up Top Flight to look at business areas where lightweight drones might be applicable, such as inspection and transport within industrial areas. (Hyundai)
  • Came under renewed pressure from an activist investor to return cash to shareholders. (FT)
  • Invested a further $250 million in Grab and agreed a series of joint projects to better use electric vehicles in providing ride hailing services. (Hyundai)
  • Invested in machine vision company allegro.ai. (ai)
  • Senior Kia executives called on employees to “overcome the crisis of today” through “self-help”. (Yonhap)
  • Hyundai’s forthcoming large SUV will be called Palisade and is set to feature eight seats. (Hyundai)

October

  • Hyundai launched a $100 million VC fund focused on hydrogen technology in partnership with BTIRDI. (Hyundai)
  • Hyundai is discontinuing its all-inclusive “Unlimited+” electric car leasing program because of a “whole range of factors” (presumably because it wasn’t making any money). (Green Car Reports)
  • Will offer solar roofs on vehicles from 2019, intending to progress from a first-generation model that is integrated into the roof structure; and a second generation that will be semi-transparent and can therefore be used in panoramic roofs. A version for battery electric vehicles is still under development and Hyundai hope it will ultimately be used on bonnets and roofs. Hyundai claim the roof mounted system can harvest enough electricity to charge a hybrid battery (presumably low teens of kWh) to between 30% and 60% over a day. (Hyundai)
  • Recalling around 10,600 Ioniq hybrids and plug-ins to replace componentry that could cause fires. (Bakersfield Now)
  • Kia says it will break even on European sales of battery electric vehicles within two to three years. (Autocar)
  • Will work with Engie and Air Liquide to boost hydrogen infrastructure for fuel cells. (Yonhap)
  • Hyundai’s Cradle VC unit invested in Perceptive Automata, a firm developing software to predict intent of pedestrians near to self-driving cars. (Hyundai)

Q3 2018 Financial Results

  • Hyundai reported Q3 2018 Financial results. Sales of 1.121 million units were down (0.5)% versus the same period in 2017. Revenue of 24.4 trillion KRW (~$21.4 billion) was up 1%, driven by increased financing. Operating income of 289 billion KRW (~$250 million) was down (76)% with the automotive division recording a loss -- blamed on one-time recall costs. (Hyundai)
  • KIA reported Q3 2018 revenue of 14 trillion KRW (~$12 billion), down (0.2)% on a year-over-year basis. Operating profit of 117 billion KRW (~$100 million) was a turnaround of almost 550 billion KRW (~$480 million) from the prior year loss. (KIA)

September

  • Hyundai invested in holographic display maker WayRay as part of an $80 million funding round. (WayRay)
  • Hyundai Mobis executives said the company’s L2 ADAS solutions are four years behind those used by German OEMs and that it will take until 2025 to develop full autonomous driving. (Autocar)
  • Appointed the son of group chairman Chung Mong-Koo as chief vice chairman of Hyundai Motors. (Reuters)
  • Invested in solid state battery developer (and BMW partner) Solid Power. (Solid Power)
  • Announced an estate version of the ProCeed. (KIA)
  • Considering whether to invest in a new generation of diesel engines to meet Euro 7 regulations. (Autocar)
  • Activist investor Elliott Management wrote an open letter to the company saying it was unhappy with the pace of progress and that Hyundai had fallen silent on the restructuring it previously asked for. (Reuters)
  • Invested in multi-modal app Migo. (Hyundai)
  • Local managers said Hyundai will soon build two new models in Turkey, both based on the i20, with a saloon and SUV set to be released. (Daily Sabah)

August

  • Planning to export large numbers of Chinese-built cars to Southeast Asia to better utilise surplus capacity in the country. Although Hyundai said no final decision had been made, the Chinese JV partner said it has. (Reuters)
  • Kia reached an agreement with South Korean unions on a pay deal for 2019. (Yonhap)
  • Hyundai is reportedly looking for a partner to manufacture its Ioniq foldable electric scooter. (Korea Herald)
  • Made a strategic investment in Revv, an Indian car sharing firm. (Hyundai)
  • Unions will hold partial strikes of between 4 - 6 hours per day at Kia’s South Korean plants after failing to reach agreement on wage rises. (Korea JoongAng)
  • KIA unveiled a new technology, dubbed separated sound zone, which the company says can create individual sound zones within a vehicle through localised noise cancellation. (KIA)
  • Stopping production of diesel engines for Sonata, Grandeur, i30 and Maxcruz, citing low sales mixes. (Yonhap)

July                

  • Launched a digital showroom on Amazon that will let buyers browse Hyundai products and then directs them to a dealer for a final purchase. (Hyundai)
  • Reached a wage agreement with South Korean unions. (Reuters)
  • Will develop a standalone halo model for the N sports sub-brand, but hasn’t yet finalised the design. (Auto Express)
  • Hyundai’s CRADLE fund announced an investment in solid state battery developer Ionic Materials. The Renault-Nissan-Mitsubishi alliance is already an investor. (Hyundai)
  • Hyundai and Baidu signed a far-reaching agreement on connectivity and voice recognition, similar to the one Baidu agreed with Ford. (Hyundai)
  • Invested in Autotalks, a creator of chips that facilitate communication between cars and the internet of things. The two companies also agreed a strategic collaboration. (Hyundai)
  • South Korean unions voted to strike in a disagreement over the annual wage increase. (Reuters)

Q2 2018 Financial Results

  • Hyundai sold 1,194,217 cars in Q2 2018, an increase of 10.8% on a year earlier. (Hyundai)
  • KIA sold 739,866 vehicles in Q2 2018, an increase of 8.2% on a year-over-year basis. (KIA)

June

  • Rumours resurfaced (and were refuted) that Hyundai was interested in acquiring FCA re-surfaced. Supposedly, Hyundai executives have decided to buy FCA and are simply waiting for a drop in the share price. (CNET)
  • Partnering with Finnish group Wärtsilä on stationary storage that utilises used electric car batteries. (Wärtsilä)
  • Launched an all-inclusive payment option in the US called Hyundai PLUS. (Hyundai)
  • Hyundai and Audi will jointly develop fuel cell technologies. Affiliates such as KIA and VW will have access to any benefits from the agreement. Hyundai implied that they had superior experience and technology to Audi, but that the potential business for Hyundai Mobis was a major factor in the partnership. (Hyundai)
  • South Korean unions threatened to take legal action to prevent Hyundai creating a lower cost manufacturing JV with a regional government because they believe the company has sufficient capacity in its unionised plants. (Yonhap)
  • Granting more autonomy to its regional offices to enable faster decision making. A recruitment drive is on for staff in finance, planning, product development and sales. (Yonhap)
  • Sojitz, Hyundai’s local partner in Pakistan, said its factory would be completed in December 2019 and the brand was aiming for a market share of 6% by 2024. (Sojitz)
  • KIA is recalling around 500,000 vehicles in the US to fix problems with airbag deployment. (Detroit News)

May

  • Considering creating a joint venture with one of South Korea’s municipal governments to make Hyundai models under contract and loosen demand on its own plants (and provide a hedge to labour disputes). (Yonhap)
  • Launching a Hyundai in-car payment facility with assistance from Xevo. (Hyundai)
  • Hyundai’s Cradle venture fund invested an undisclosed amount in radar start-up Metawave. The company claims that its “next generation” radar can see over 150 metres with high resolution. (Hyundai)
  • Reportedly having problems fulfilling orders for the Hyundai Ioniq in North America due to shortage of the outgoing battery pack. (Green Car Reports)

April

  • The South Korean Fair Trade Commission appeared to side with Hyundai in an ongoing battle with an activist shareholder over the motor group’s structure. (Bloomberg)
  • Elliott Management, an activist investor with a history of taking on Korean chaebols, announced that it had built stakes in Hyundai, Kia and an affiliate, raising speculation about their motives. (Yonhap)

Q1 2018 Financial Results

  • Hyundai and KIA both reported financial results for Q1 2018. Hyundai saw revenue and profit drop, by (4)% and (45)% respectively. (Hyundai) KIA fared a bit better, revenue was down (2.2)% and operating profit dropped (20)%. (KIA). Taking both affiliates together, revenue was 35 tillion KRW ($32.7 billion) and operating profit was 987 billion KRW (about $920 million).

March

  • South Korean union officials complained that the updated US-South Korea free trade is “humiliating” and made local production of a planned Hyundai pick-up unlikely -- probably music to the ears of US negotiators. (Reuters)
  • Will simplify its governance structure by spinning off the core module business of supplier Hyundai Mobis and merge it with logistics firm Hyundai Glovis. (Yonhap)
  • The head of Hyundai’s South Korean union expressed concern over the effect of electric cars on factory jobs, saying “electric cars are disasters. They are evil.”. (Economic Times of India)
  • US regulators are reviewing Hyundai and Kia vehicles for a potential safety risk where airbags might fail to deploy in the event of a head-on collision to see if there is a systemic problem with the design. (Reuters)
  • Reportedly asked South Korean unions to cooperate in reducing worker benefits; the request was rebuffed. (Yonhap)
  • Unveiled the Kona BEV, a small SUV. The car has a 64 kWh battery offering 470 km of range, a smaller 39.4 kWh is also available. (Hyundai)

February

  • Hyundai’s head of autonomous vehicles said that sales will be driven by ride sharing fleets rather than individual customers. (Bloomberg)
  • Long-rumoured talks for Hyundai to join BMW’s self-driving alliance are reportedly in the final stages. Memo: Hyundai recently announced a collaboration with Aurora on driverless cars. (Handelsblatt)
  • Announced a goal of 10,000 hydrogen filled vehicles sold by 2022. (Yonhap)
  • Kia says that it will stop selling Diesel variants of Rio and Venga in the UK because of falling volumes. (Autocar)

January

  • The South Korean government announced that the Hyundai Group (including Hyundai and Kia) would invest $21.6 billion in new technologies and create 45,000 jobs. Hyundai confirmed it had helped draft the press release but declined to offer independent confirmation of the impacts. (ET News)
  • Hyundai invested in Grab; the two companies will partner on electric ride-hailing fleets. (Hyundai)
  • Kia will launch the WiBLE car sharing service in Europe during 2018. (Kia)
  • Following the announcement that Hyundai and Kia collectively would launch 38 “green cars” by 2025 covering hybrids, BEVs and fuel cells, Kia said it was planning 16 electrified vehicles -- 10 x hybrid/FHEV; 5 x BEV and 1 Fuel cell -- leaving 22 for Hyundai. (Kia)
  • Announced a partnership with start-up Aurora -- founded by the former head of Google’s program -- to develop a level 4 capable car by 2021 (Hyundai’s earlier target was “possibly” 2022). (Hyundai)
  • Will show a pair of concept cars at CES; an all-electric model for KIA and a connected fuel cell vehicle for Hyundai.

2017

2017 Full Year Earnings

  • Hyundai reported financial results for fourth quarter and full year 2017. Global wholesales of 4.507 million units were down (6.4)% versus 2016 -- more than explained by China. Revenue of 96.4 trillion KRW was up 2.9% and operating income of 4.575 trillion KRW was down (11.9)%. (Hyundai)
  • Kia reported financial results for fourth quarter and full year 2017. Global wholesales of 2.708 million units were down (10.3)% versus 2016 -- almost entirely in China. Revenue of 53.5 trillion KRW was up 1.6% and but operating profit of 662 billion KRW was down (73.1)%. (Kia)
  • Hyundai reported total 2017 sales of 4,504,825 units, a decline of (6.5)% versus 2016. Kia sold 2,746,188 units, a decrease of (7.8)% versus 2016 (Hyundai)

December

  • Union leaders in South Korea pencilled in strike action beginning on January 2nd after talks on a new labour agreement failed to reach an agreement by the end of 2017. An earlier tentative agreement was rejected by workers in a ballot. (Wards)
  • Executives said that all Hyundai and Kia vehicles launched after 2019 will be connected cars and all vehicles built after 2025 will be connected. (ET News)
  • Believes that battery prices will stop falling by 2020 because rising raw material prices will cancel out the benefits of design improvements and manufacturing scale. (Green Car Reports)
  • Hyundai said that it still sees fuel cell vehicles as “the ultimate direction” but that it will do more to work on battery electric vehicles. (Bloomberg)
  • Recalling about 520,000 Hyundai and Kia cars to fix problems with brake lights. (Detroit News)
  • Will release a safe-stopping mode in 2021 that acts if it detects that the driver is no longer capable. (ET News)
  • Suffered continued strikes in South Korean as management rejected union demands for higher pay. Five plants have been affected, with over 43,000 vehicles lost. (Yonhap)

November

  • Suffered labour disruption in South Korea as unions told employees not to support the launch of Kona SUV production due to wider disputes over pay, working conditions and outsourcing. (Reuters)
  • Teaming up with Smartcar to enable new services in connected vehicles. Amongst other things, 3rd party service operators will be able to locate and access the vehicle (with the owner’s permission). It will also be possible to use the vehicle in peer-to-peer carsharing. (Hyundai)
  • In talks with FCA on component sharing with transmissions and fuel cells as areas of particular focus. (Economic Times of India)

October

  • Beijing-Hyundai (the company’s Chinese JV) said it had created a strategy called “localization 2.0” to help its products be seen as more Chinese and offset some of the negative sentiment it has received over US military sites in South Korea. (ET News)
  • Launched an all-electric car sharing scheme with 100 vehicles in Amsterdam. Rental costs €12 per hour. (Auto Rental International)
  • Said that the Hyundai Verna’s launch in India was going very well with 15,000 orders in the first 40 days of the product being on sale. (Times of India)

Q3 2017 Earnings

  • Hyundai reported Q3 financial results. Revenues of 71.9 trillion KRW were up 4.0% on a year-over-year basis. Operating income of 3.8 trillion KRW was down (8.9)% YoY, primarily due to recall costs and higher incentive spending. (Hyundai)
  • Kia reported Q3 financial results. Revenues of 40.5 trillion KRW were up 1.8% on a year-over-year basis. Operating income of 360 billion KRW was down (81.4)% YoY. (Kia)
  • Reported Q3 2017 sales of 1,763,276 units for Hyundai and Kia, a drop of (0.4)% on a year over year basis. Whilst domestic sales increased 22%, they could not offset weakenss in other markets (particularly China). (Hyundai) (Kia)

September

  • Believes that 1 in 10 cars sold in Europe by 2020 -- about two million vehicles -- will be a B-SUV. (Faconauto)
  • Saw rumours in the South Korean press that it was interested in a takeover of FCA. (Detroit Bureau)
  • Kia’s Russia chief says that against the company’s initiation expectation of 5%-7% growth this year, they now believe that the Russia market will grow by up to 12%. (Reuters)
  • Labour negotiations in South Korea are reportedly not going well (again), leading to speculation of strikes around the end of the year affecting Hyundai/Kia. Workers are asking for pay rises and a substantial bonus. (Wards Auto)

August

  • Lost a legal case with South Korean trade unions that means overtime pay in future will be higher. (Reuters)
  • Suffered production disruption in China due to a payment dispute with a fuel tank supplier. (Bloomberg)
  • Hyundai executives said that the company had approved development of a pick-up truck for launch in the USA in 2020. A small SUV named the Kona should debut this year. (Reuters)
  • Said that it had accelerated its plan for rollout of all-electric and fuel cell vehicles. Hyundai and Kia will launch 31 “eco-friendly” vehicles by 2020 (eco-friendly in Hyundai-Kia’s nomenclature includes PHEVs, BEVs and fuel cell vehicles) including 8 BEVs and 2 FCEVs. Specific highlights include: a BEV version of its Kona compact SUV with 390km range in 2018, a BEV Genesis luxury saloon in 2021 and a BEV with a 500km range after 2021. (Hyundai)
  • Media updates on Hyundai’s project to showcase self-driving vehicles at the 2018 Winter Olympics said that high definition maps, accurate to 10cm, were at the centre of the company’s autonomous strategy -- especially due to the snow expected at the Winter Olympics site. (ET News)

July

  • Hyundai reported July sales of 333,180 units, down (1.8)% on a year-over-year basis and down (7.4)% YTD. (Hyundai)
  • Kia reported July sales of 216,118 vehicles, down (5.6)% on a year-over-year basis and down (8.9)% YTD. (Kia)
  • A senior Hyundai executive said that the company believes the viability of solid state batteries as a power source for EVs will be proven in the 2020 to 2025 timeframe and that if the technology succeeds, EV market share could be 90% by 2025. (Inside EVs)
  • Said that it will bring forward its timeline for a Level 2 self-driving system. The HDA2 (highway driving assist) feature had been targeted for roll-out between 2019 and 2022 but will now begin to appear in 2018. Hyundai suggested that this feature set provided a pathway to fully autonomous vehicles by 2022. (More…)
  • Reportedly in the final stages of design for an 8 speed dual clutch transmission to be used in passenger cars from 2018 onwards. (More…)
  • Hyundai workers in South Korea have voted to go on strike, demanding a 7.13% pay rise. (More…)

Q2 2017 Earnings

  • Hyundai Motor reported financial results for Q2 2017. Operating profit of 1.34 trillion won was up 7.5% on a year-over-year basis whilst revenues were up 4%. Net profit of 913 billion won was down 35% YoY. Hyundai attributed much of the profit drop to lower sales in China and said it was delivering 6 electric vehicles by 2020 to regain momentum in the market. (Hyundai)
  • Hyundai reported June sales results. 376,109 units were sold, a (15.5)% reduction on a year-over-year basis. The main cause of the reduction was weaker South Korea and Chinese sales. (More…)
  • Kia reported June sales results. 232,370 vehicles were sold, representing a (13.3)% decline on a year-over-year basis. Kia primarily blamed declines in the South Korean market and losses in China (memo: both Hyundai and Kia had previously said tension over US missile interceptor sites in South Korea were harming Chinese sales). (More…)

June

  • The head of its Spanish market operations said that diesels will disappear in the B segment. (..)
  • Said that it had no plans to buy other car companies but does want to have more cooperation with technology companies. (..)

May

  • Was forced to deny rumours that it will introduce a holding company structure. (..)
  • Will be investigated by the US National Highway Traffic Safety Administration over the way that it handled a recall for vehicles that were at risk of engine fires. (..)
  • Lost an appeal against a (March 2017) recall decision by the South Korean transport ministry. The companies will now have to recall around 240,000 between them. (..)
  • Hyundai subsidiary Hyundai Wia will end its turbocharger joint venture with IHI and will take over the partnership’s plant in Seosan, South Korea. (..)

April

  • Said that April sales in the USA were 1% up year-over-year (..)
  • Said at the Shanghai auto show that Kia will announce a plan for a factory in India “soon” (..)
  • The chairman of its Chinese joint venture said that the Hyundai brand in China is facing “severe market challenges” due to the “complicated political, economic and competitive market environment”. (..)
  • Announced recalls on 1.4 million US and South Korean Hyundai and Kia vehicles with 2.0 and 2.4 litre engines due to knocking (a noise that the engine makes when combustion is incorrect) and loss of power (Source)
  • Said that sales in China had been negatively impacted by political tension of anti-missile batteries that the USA was locating in South Korea (last week Hyundai-Kia announced a weeklong plant shutdown) (Source)

Q1 2017 Earnings

  • Reported Q1 2017 net profit of 1.33 trillion won, above analyst expectation but down year-over-year. (..)

March

  • Said it will unveil a FCV SUV next year with 800km range on a single tank
  • Will give workers at its Czech factory a 12% pay rise this year
  • Suspended production at its plant in Hebei province for a week. Hyundai said it was to check and modify production line technology, media speculated it was due to sales problems stemming from a deterioration in the Chinese-South Korean relationship as a result of the planned deployment in South Korea of a missile interceptor battery (THAAD) by the USA.