Hyundai Motor

For nearly two years, car dealers have been focused on getting more cars onto their lots amid a severe inventory crunch. Now, some are worried about how quickly they will be able to move them off. But as new-vehicle stocks are slowly replenished, some dealers say there are signs that an uncertain economic outlook and higher interest rates are starting to dampen demand. “There is pent-up demand from people who’ve been in the market for six or nine months and haven’t been able to find a car,” said Peter…

Tesla's dominant market share of the electric vehicle market in California slipped again this year, according to Reuters' calculations based on government data from January to September, as rivals up their game. Tesla controlled 73% of the battery electric market in California from January to September, the lowest level since 2018, according to new vehicle registration data from the California Energy Commission. Tesla had a 75% share in 2021 and 79% in 2020. Tesla's sales in California - home to its first factory -…

General Motors Co. GM 3.49% posted a 37% third-quarter net profit increase, as production snapped back from supply-chain problems a year earlier and car buyers continued to pay up for new vehicles. GM reported a $3.3 billion profit, driven by outsize sales of big pickup trucks and SUVs, the company’s biggest money makers. Revenue jumped 56% to a quarterly record $41.9 billion, as the auto maker worked through a backlog of vehicles that it hadn’t been able to ship the…

South Korea’s Hyundai Motor Group on Wednesday said it would transform all its models to software-defined vehicles by 2025. The group will also introduce vehicles in 2025 based on its two new EV platforms, eM, and eS. The new EV platforms will be created under its Integrated Modular Architecture (IMA) system. “In 2025, Hyundai Motor Group will present vehicles with two platform types: eM, a passenger EV-dedicated platform; and eS, an exclusive platform for Purpose Built Vehicles,” said Paul Choo, Executive Vice President…

Hyundai Mobis, South Korea's leading auto parts maker, said it will promote an advanced in-vehicle infotainment (IVI) system jointly developed with a Swiss company for next-generation vehicles.Hyundai Mobis and Luxoft are "at the final stage" of developing the IVI platform for future vehicles and will introduce it at the International Suppliers Fair to be held in Germany on October 11, Hyundai Mobis said in a statement.Read AlsoThe two companies' IVI platform, named Mobis Infotainment System (MIS), can fully control six…

SEOUL—During a visit to Seoul in May, President Biden stood at a courtyard podium flanked by the head of Hyundai Motor Group. The South Korean auto maker had just pledged more than $10 billion in U.S. investments, creating thousands of new American jobs. Mr. Biden thanked Hyundai’s Euisun Chung for helping the two countries work toward an electric-vehicle future.“We will not let you down,” Mr. Biden said. Four months later, Mr. Chung, Hyundai and many South Koreans are feeling disappointed.…

South Korea seeks to significantly boost production of electric vehicles to more than double domestic carmakers' global market share to 12% by 2030 and to be a global car industry powerhouse, the industry ministry said on Wednesday.For the goal, the government vowed to provide tax incentives and various supportive measures to promote carmakers' investment worth about a combined 95 trillion won ($66.03 billion) by 2026, according to the Ministry of Trade, Industry and Energy.The comprehensive road map was announced during…

Hyundai Motor, South Korea's biggest carmaker, said that its sales rose 12% in August from a year earlier despite an extended chip shortage.Its subsidiary Kia's sales also went up 10% last month from a year earlier despite an extended chip shortage.Hyundai sold a total of 334,794 vehicles in August, up from 300,004 units a year earlier on robust overseas demand for its models, the company said in a statement.Domestic sales fell 3.5% to 49,224 units from 51,034 during the period, while overseas sales climbed 15% to 285,570…

Hyundai Motor said on Wednesday that its Chairman Chung Euisun was visiting the US amid growing concerns over a new law excluding electric vehicles (EVs) built outside the country from tax breaks. The South Korean carmaker didn’t provide any details about Chung’s US schedule, reports Yonhap news agency. Chung was expected to meet US government officials and business leaders to explain the carmaker’s situation as it relates to the recently passed Inflation Reduction Act (IRA) and ask them to “help improve an unreasonable…

Hyundai Motor Group's cumulative sales of eco-friendly vehicles surpassed the 1 million mark in July, 13 years after its entry into the green-car market, data showed on Monday.The automaking giant said its two carmaking affiliates -- Hyundai Motor Co. and Kia Corp. -- sold a combined 29,484 environmentally-friendly vehicles in July alone, raising their cumulative sales to 1.024 million.The milestone came after Hyundai Motor Group entered the eco-friendly vehicle market in July 2009 by launching the hybrid model of its…