KIA MOTORS AMERICA
Boost for Hyundai Motor export plans, as auto co plans to launch slew of EVs over next 4 years
Hyundai Motor India Ltd (HMIL) is planning a ₹25,000 crore IPO to drive its parent company's strategy of making India a key export hub. The company plans to introduce nearly half a dozen electric vehicles for local sales and exports as part of this ambitious strategy.
Car shipments shifting back to pre-Covid gear; Maruti, Hyundai at the top
According to industry estimates, Indian carmakers are set to ship more than 675,000 vehicles in the fiscal year that ends March 31, recovering from a low of 404,000 reported in the aftermath of the pandemic in FY21. Around 663,000 cars were exported from the country in the last financial year. Vehicle exports were dominated by Maruti Suzuki and Hyundai, which together accounted for two-thirds of all cars shipped out of the country.
Maruti Suzuki gets set to triple overseas sales in 7 years
Maruti Suzuki, India's largest carmaker, plans to triple its overseas sales by 2030 and aims to become a global manufacturing hub for automobiles. The company intends to increase its share of new energy vehicles in its export basket and is optimistic about surpassing previous year's export volumes.
Hyundai launches N brand's first EV model Ioniq 5 N
Hyundai Motor has launched its first all-electric model under the N brand, the Ioniq 5 N, in the domestic market. The vehicle features an 84 kWh battery pack and can accelerate from zero to 100 kph in 3.4 seconds. Priced at $58,000, it can travel about 350 kms on a single charge. The Ioniq 5 N combines Hyundai's electric global modular platform with N's motorsport-bred technologies.
Major automakers unite to build electric vehicle charging network they say will rival Tesla's
Seven major automakers, including General Motors, BMW, Honda, and Mercedes, have agreed to invest multibillions to develop a North American electric vehicle charging network with "high power" charging stations. They will build around 30,000 plugs for "fast chargers" in urban areas and travel corridors, offering a minimum of 1,500 stations and a maximum of 3,000, while aiming to provide renewable energy as much as possible to power the chargers.
Major automakers unite to build electric vehicle charging network they say will rival Tesla's
Seven major automakers say they're joining forces to build a North American electric vehicle charging network that would rival Tesla's and nearly double the number of fast-charging plugs in the US and Canada.
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Kia India eyes 10 pc sales growth this calendar year
Kia India aims to grow sales by 8-10% in 2023, supported by an increase in chip supplies and the launch of an updated Seltos model. The firm sold a total of 340,000 units across domestic and export markets in 2022. National Head of Sales and Marketing Hardeep S Brar said Kia had surpassed overall passenger industry growth in H1 2023 and hoped to do the same in H2. Brar also revealed Kia is aiming to produce 360,000 to 370,000 vehicles this year, with exports to new markets including the Middle East, South East Asia and Latin America being explored.
White House welcomes Tesla to take advantage of federal subsidies for chargers
The statement follows separate announcements by US automakers Ford Motor and General Motors that they were adopting the Tesla model of charging, known as the North American Charging Standard.
Hyundai, LG announce $4.3-billion plant in Georgia to build batteries for electric vehicles
The Hyundai-LG plant is supposed to be able to supply batteries for 300,000 electric vehicles per year, which is the initial projected production of the adjoining vehicle assembly plant.
Hyundai and Kia settle suit over TikTok theft challenge
Hyundai and Kia on Friday announced a deal to settle a lawsuit filed by car theft victims after a TikTok "challenge" showed how easy it was to steal some models.
Passenger vehicle exports from India rise 15 pc in FY23; Maruti Suzuki leads segment
Passenger vehicle exports from India rose 15 per cent in FY23 with Maruti Suzuki India leading the segment with dispatches of over 2.5 lakh units, as per the latest data by industry body SIAM.
Renault and Nissan hail 'rebalanced' alliance to bury tensions
The "rebalanced" partnership approved by their boards will end Renault's dominant position, reducing its stake in the Japanese firm from 43.4 percent to 15 percent, the same size as Nissan's share in its French counterpart.
2023 tax credits for EVs will boost their appeal
But a complex web of requirements, including where vehicles and batteries must be manufactured to qualify, is casting doubt on whether anyone can receive the full $7,500 credit next year.
Mahindra revs up on comeback trail: Factors behind the turnaround
Based on learnings and feedback from past slip-ups, Veejay Ram Nakra, president of automotive business at M&M, says the new range of products had an extra emphasis on performance, design, refinement, sophistication with disruptive innovation and tech at core.
The holes in America’s China-style industrial policy
In cutting China out, costs will go up by about $30 to $35 per kilowatt hour and around $1,000 on other variable costs, according to analysts from Nomura Holdings Inc. Since the IRA subsidizes materials via tax credits, companies will have to be profit-making to begin with to benefit from that.
New U.S. rules on EV subsidies slam Hyundai, Kia's dreams
The Inflation Reduction Act signed into law by U.S. President Joe Biden last month excludes Hyundai Motor Co and its affiliate Kia Corp from federal tax credits because they don't yet make EVs in North America, knocking their EV ambitions in the short term at least, a Hyundai official, parts suppliers, analysts and car dealers said.
India's passenger vehicle exports see solid growth, jump 26 pc in April-June
Data released by SIAM revealed passenger vehicle shipments rose to 1,60,263 units in the April-June period of this fiscal as compared with 1,27,083 units in the same quarter of 2021-22.
Passenger vehicle exports from India rise 43% in FY22; Maruti Suzuki leads segment
Maruti Suzuki India (MSI) led the vertical last fiscal, followed by Hyundai Motor India and Kia India at second and third positions, respectively. MSI, the country's largest carmaker, exported 2,35,670 PVs last fiscal, an over two-fold increase, as compared to 94,938 units in the 2020-21 fiscal year. MSI's top PV export markets include Latin America, ASEAN, Africa, the Middle East and neighbouring regions, while its top five export models comprise Baleno, Dzire, Swift, S-Presso and Brezza.
Passenger vehicle exports from India rise 46 pc in April-Dec; Maruti Suzuki leads segment
Passenger car shipments saw 45 per cent growth at 2,75,728 units while utility vehicle exports rose 47 per cent at 1,46,688 units during the period under review, the data by the Society of Indian Automobile Manufacturers showed.
Ola Electric hires Yongsung Kim to head global sales and distribution
Yongsung Kim will lead both India and international strategies for sales and go-to-market for Ola Electric as it gears up to launch its first electric scooter.
Kia launches SUV Sonet starting Rs 6.71 lakh to take on Hyundai Venue and Maruti Brezza
Kia Motors India Managing Director Kookhyun Shim said, “India is a key market for Kia globally. We have capacity to produce 300,000 units at our plant in Anantapur. Fortunately, we have not faced any disruptions in supply. We have recently started the second shift and are prepared to meet customer demand for the car both in India and international markets.”
Hyundai now says recalled vehicles should be parked outside
Hyundai has reversed itself on a recall to fix a defect that could cause engine fires and is now telling owners of more than 200,000 vehicles to park them outdoors until repairs are made.
India plans unaffected by Covid-19: Ho Sung Song, global president, Kia Motors
Covid-19 is a long term virus, not a short term virus. I don't think the sales in the Indian market will recover in one or two years. And that is true not only for India but for other emerging markets too, Song said.
Kia Motors India expects to grow sales with soon to be launched SUV Sonet
The new SUV, Kia Sonet, will take on the likes of the Maruti Suzuki Vitara Brezza, Hyundai Venue and the Mahindra XUV300 in a segment which posted monthly sales of 30,000-40,000 units prior to the pandemic.
Coronavirus claims world's biggest capacity car plant
Hyundai is not the only corporate casualty: Kia will suspend three plants for a day on Monday, the South Korean unit of French automaker Renault is considering stopping its factory in Busan next week, and Fiat Chrysler CEO Mike Manley told the FT his firm could be forced to halt one of its European factories.
Passenger vehicle exports rise 6 per cent in April-Dec; Hyundai, Ford lead the pack
Car shipments saw 4.44 per cent growth at 4,04,552 units, while utility vehicle exports saw a rise of 11.14 per cent at 1,33,511 units during the April-December period, the Society of Indian Automobile Manufacturers' data showed.
Andhra unit to help Kia Motors drive in top models here
Kia is conducting feasibility study on three to four models to be imported as a completely knocked down unit and expand the portfolio to over 6-8 cars in three years.
Kia Motors eyeing global markets with made-in-India Seltos
The company, which has set up its manufacturing base in Andhra Pradesh with an installed production capacity of 3 lakh units, will roll out the model in India later this month.
Kia Motors to commence Seltos bookings from Tuesday
The company said the bookings would commence online as well as on its 206 sales points in the country from July 16.
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