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☆ Automakers find a tax credit loophole to increase EV leasing and boost sales
▼ + stars: | 2023-05-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Buying a used Ioniq, which is produced in South Korea and Indonesia, wouldn't earn him $7,500 off through a federal tax credit. "I ran the numbers — what it would be without the leasing credit and with the leasing credit — and that kind of put me over the top and that was the main thing of why I went in that direction," he said. For a $50,000 EV and a 36-month lease, Chesbrough estimates the full $7,500 tax credit equates to $222 in monthly savings for a consumer. "It also allows them to level the playing field against competitors who get the full tax credit when purchasing." I wouldn't call it leveling the playing field," Watson said of leasing qualifying for the $7,500 tax credit.

☆ U.S. demands recall of 67 million air bag inflators
▼ + stars: | 2023-05-12 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

"Air bag inflators that project metal fragments into vehicle occupants, rather than properly inflating the attached air bag, create an unreasonable risk of death and injury." ARC air bag inflators are in General Motors (GM.N), Chrysler-parent Stellantis (STLAM.MI), BMW (BMWG.DE), Hyundai Motor (005380.KS), Kia Corp (000270.KS) and other vehicles. GM on Friday agreed to recall nearly 1 million vehicles with ARC air bag inflators after a rupture in March resulted in facial injuries to a driver. NHTSA said through January 2018, 67 million of thesubject driver and passenger frontal air bag inflators. Over the last decade, more than 67 million Takata air bag inflators have been recalled in the United States and more than 100 million worldwide, the biggest auto safety callback in history.

☆ Hyundai explains how it plans to become one of the world's top three EV makers by 2030
▼ + stars: | 2023-05-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Hyundai Motor Group, whose brands include Hyundai, Kia and Genesis, nabbed sixth place in SNE Research's global EV sales ranking for 2022. It delivered 510,000 EV units last year, up 40.9% from 2021, according to SNE Research. We have another EV, Ioniq 7, the three-row largest SUV, in our pipeline for next year. Revenue climbed 24.7% year-on-year, from 30.3 trillion won to 37.78 trillion won. Domestically, Hyundai said it plans to invest 24 trillion won in South Korea's EV industry by 2030.

☆ I drove Nissan's electric Ariya SUV — it proves that 13 years after the Leaf, the automaker can compete with Tesla
▼ + stars: | 2023-05-10 | by ( Tim Levin | ) www.businessinsider.com time to read: +7 min

The basicsThe 2023 Nissan Ariya Empower+ Tim Levin/InsiderThe Ariya landed in the US earlier this year with a starting retail price of $43,190. The 2023 Nissan Ariya Empower+ Tim Levin/InsiderThere's no bulky tunnel running down the middle of the vehicle. The 2023 Nissan Ariya Empower+ Tim Levin/InsiderThe quirks don't stop there. The 2023 Nissan Ariya Empower+ Tim Levin/InsiderHands-free driving isn't available across the board, but Nissan doesn't skimp on standard safety features. The 2023 Nissan Ariya Empower+ Tim Levin/InsiderNissan says the Ariya can charge from 20%-80% in 40 minutes using a sufficiently powerful fast charger.

☆ Staging partial recovery, Russia's April car sales leap 170.4% y/y - Autostat
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Car sales in Russia leapt by 170.4% year-on-year in April, analytical agency Autostat said on Thursday, with the country's bruised car market staging a partial recovery from the soaring prices and reduced deliveries of the same month last year. All of the top 10 models sold in April were either Russian or Chinese, Autostat's data showed. Avtovaz earlier on Thursday said its April sales had jumped 225% year-on-year in April and rose 18.4% month-on-month. Lada held 33% market share in April, up from 23% a year ago, but the growing share of Chinese models is most noticeable. Sales of South Korea's Kia (000270.KS) and Hyundai, and Japan's Toyota (7203.T) were down 67%, 68.1% and 67.8%.

☆ I drove the $62,000 Kia EV6 GT — a genius electric SUV with supercar speed. Here are 8 things it taught me.
▼ + stars: | 2023-05-04 | by ( Alanis King | ) www.businessinsider.com time to read: +8 min

I heard a lot of great things about the Kia EV6 GT before driving one myself. The Kia EV6 GT is geniusThe EV6 is Kia's new electric crossover, and it starts at $48,700. The 2023 Kia EV6 GT. The 2023 Kia EV6 GT. The 2023 Kia EV6 GT.

☆ Why you should think twice before splurging on all-wheel drive in your new electric car
▼ + stars: | 2023-05-03 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

AWD EVs have an extra motor, which consumes more energy and decreases range. Two extra drive wheels help increase traction and mean an AWD EV will be more capable and confident in snow and other slippery conditions. Thanks to that boost in horsepower and torque, AWD EVs tend to accelerate much quicker than ones with front- or rear-wheel drive. Ford rates the entry-level Mustang Mach-E at 250 miles for RWD models and 226 miles for AWD ones. AWD gas vehicles are also less fuel efficient than their 2WD counterparts, but it isn't a big deal beyond the added emissions and gas costs.

☆ NYPD asks people to put Apple AirTags in their cars to help find stolen vehicles
▼ + stars: | 2023-05-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

New York City Mayor Eric Adams and his police department have asked residents to help fight vehicle theft in the city by placing Apple AirTags in their cars. The New York City Police Department shared a video Sunday demonstrating how residents can use an AirTag to protect their vehicles. "AirTags in your car will help us recover your vehicle if it's stolen," the NYPD tweet said. "We'll use our drones, our StarChase technology & good old fashion police work to safely recover your stolen car. Adams said Sunday that AirTags are an "excellent" tracking device that he believes will help slow rates of car theft in the city.

☆ Eric Adams is handing out hundreds of free Apple AirTags in a bid to cut the number of auto thefts in New York
▼ + stars: | 2023-05-01 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Mayor Eric Adams said Sunday the city will hand out 500 free Apple AirTags to New York residents. New York will hand out hundreds of free Apple Air Tags in a bid to cut the number of auto thefts in New York, mayor Eric Adams announced Sunday. "The aggravated number of grand larceny autos continues to drive up crime in our city," Adams said at a press conference. "This simple device, this simple AirTag, hidden in a car location that a person is not aware of, is an excellent tracking device." In June last year, an Indiana woman tracked her boyfriend whom she suspected was cheating on her, using the tracking device, and then killed him.

☆ Aerosmith to ‘Peace Out’ after 50 years with farewell tour
▼ + stars: | 2023-05-01 | by ( Lisa Respers France | ) edition.cnn.com time to read: +1 min

CNN —Aerosmith is heading into retirement with a farewell tour. The group announced Monday that they will have a 40-date North American tour, featuring special guests The Black Crowes. “It’s not goodbye it’s PEACE OUT!,” Aerosmith said in a joint statement. “Get ready and walk this way, you’re going to get the best show of our lives.”They also shared that drummer Joey Kramer will not be joining them. Aerosmith recently wrapped their Las Vegas residency, “Aerosmith: Deuces Are Wild” at Dolby Live at Park MGM.

☆ NYC to give out 500 Apple AirTags for residents to put in their cars to combat car theft
▼ + stars: | 2023-05-01 | by ( Laura Ly | ) edition.cnn.com time to read: +4 min

CNN —Some Kia, Hyundai, and Honda models are getting stolen in New York City so often that the Mayor is giving out Apple AirTags to help residents track their vehicles. The city plans to distribute 500 AirTags to residents to place in their cars to combat car thefts in target neighborhoods, New York City Mayor Eric Adams announced at a press conference on Sunday. Adams made the announcement in a Bronx neighborhood that has seen over 200 car thefts this year alone – the highest of any precinct in the city. The Hyundai and Kia vehicles in question include the Hyundai Santa Fe and Tucson, and the Kia Forte and Sportage, with 2015-2019 model years. So far this year, the NYPD has recorded thefts of 966 Kia and Hyundai cars – marking an increase of 819 cars since last year, Chell said.

☆ Tiktok-inspired 'Kia Boys' car thefts could be a $600 million problem, according to a new court document
▼ + stars: | 2023-04-27 | by ( Jack Newsham | ) www.businessinsider.com time to read: +5 min

In cities across the country, thefts of Hyundai and Kia vehicles have skyrocketed. Now some drivers are trying to get Kia and Hyundai to pay the tab, saying the security features were illegally lax. And recently, auto insurers made a preliminary estimate of the total cost: $500 million to $600 million. But actually installing the updates in a reported 3.8 million Kias and 4.5 million Hyundais is another story, and state regulators have urged the carmakers to recall the impacted vehicles. She said Hyundai and Kia should move quickly to get a handle on the case and win back public trust.

None of the agencies disputed the allegation, and each paid penalties of $5,050, the maximum state levy for a child labor violation. The U.S. and Alabama investigations began after a Reuters report last July first exposed the use of child labor at Hyundai parts makers in the state. The U.S. Department of Labor said in February the number of child labor violations in 2022 had soared by nearly 70% compared with the tally recorded in 2018. They said false documentation, even shoddy credentials like those filed by the boy's employers, makes child labor laws difficult to enforce. An Alabama labor department spokesperson told Reuters the agency is still working to determine who exactly hired the child to work at Hyundai Glovis.

☆ After testing more than 25 electric cars, these 5 were the most fun to drive
▼ + stars: | 2023-04-27 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

The electric Hummer, Porsche Taycan, Rivian R1T, and Pininfarina Battista are each a blast for different reasons. Kia EV6 GTThe 2023 Kia EV6 GT. Tim Levin/InsiderWarn your passengers to brace themselves before pinning it in Kia's new EV6 GT. The 2023 Kia EV6 GT. Porsche TaycanThe 2022 Porsche Taycan Cross Turismo Turbo S. Tim Levin/InsiderPorsches are renowned for their superior driving dynamics.

☆ Hyundai Motor to exit Russia, selling its plants -media report
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 26 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) plans to exit Russia and sell its manufacturing plants there to a Kazakh company, South Korean media reported on Wednesday. "It is true that there are ongoing discussions regarding the sale, but nothing has been decided," Hyundai Motor said, according to the TV network. Hyundai Motor was not immediately available for comment when contacted by Reuters outside regular business hours. In March, Hyundai Motor said it was reviewing "various options" for its Russian operation. Hyundai Motor suspended operations at its Russian operation last year.

☆ Electric Cars: What It Takes to Convince People to Ditch Gasoline
▼ + stars: | 2023-04-26 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Men make up most early adopters of electric cars, while women account for most EV skeptics. Here is who they are and what they're looking for. The adopters' top three prioritized vehicle features include addressing concerns about CO2 emissions and air pollution, vehicles that are unique, and a vehicle that keeps its value. They're also the most flexible of buyers regarding the range they're looking for in an EV. Given that, "I think we'll potentially start to see a shift in terms of what the range of features within electric vehicles is."

The timeline shows the challenges of quickly finding and implementing replacements for Packers Sanitation Services Inc (PSSI), which provides cleaning services at slaughterhouses. "We made the decision to terminate the agreements with PSSI," Hans Kabat, who leads Cargill's protein business in North America, told Reuters. Cargill said it notified PSSI in March that it was terminating services at a beef plant in Dodge City, Kansas, and then followed with all PSSI's sanitation contracts. One of the largest penalties stemmed from PSSI's contracts at Cargill's plant in Dodge City. Cargill, the world's largest ground beef producer, is reviewing options for cleaning plants, Kabat said.

Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd (096770.KS), will set up a new battery manufacturing plant in the state of Georgia, the companies said, formalising an earlier provisional agreement. Accompanying Yoon on the trip are top executives of some of South Korea's biggest companies, including Hyundai Motor Group Executive Chair Euisun Chung. Rivals General Motors Co (GM.N) and Samsung SDI (006400.KS) said they would invest over $3 billion to build a joint venture EV battery manufacturing plant in the United States. That compared with a Refinitiv SmartEstimate for first-quarter profit of 2.3 trillion won from 16 analysts. Hyundai and Kia cars are competitive in the U.S., based on their prices and a favourable exchange rate, he added.

☆ Tesla's California market share tumbles despite aggressive price cuts
▼ + stars: | 2023-04-22 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +1 min

SAN FRANCISCO, April 21 (Reuters) - Tesla's market share in its key California market tumbled in the first quarter of the year despite aggressive price cuts as rivals stepped up, data showed on Friday. Tesla's sales in California accounted for 16% of the automaker's global deliveries last year, according to Reuters calculation. Tesla CEO Elon Musk's pursuit of Twitter and embrace of Republicans has sparked concerns about Tesla's brand, especially in liberal states like California. Globally, Tesla posted record quarterly vehicle deliveries for the quarter, but quarter-on-quarter sales growth was modest despite price cuts as rising competition, especially in China, and a bleak economic outlook weighed. The price cuts hit Tesla's first-quarter margins, pushing its shares down nearly 10% on Thursday.

☆ Tesla's market share in California plunged despite slashing prices this year, report says
▼ + stars: | 2023-04-22 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Tesla's market share in California plunged in California despite big price cuts, a report says. Data reviewed by Reuters found Tesla's market share in the state fell from 72.7% to 59.6% in a year. Tesla's profits have also plunged since the cuts after Elon Musk promised to focus on market share. The price cuts helped send Tesla's profits down 24% in the first quarter as the company made less on each car sold. While Musk said he planned to prioritize market share over profits, the scale of the decline still spooked investors.

☆ States Urge Recall of Millions of Kia, Hyundai Cars After Sharp Rise in Thefts
▼ + stars: | 2023-04-21 | by ( Gareth Vipers | ) www.wsj.com time to read: 1 min

California Attorney General Rob Bonta in Berkeley, Calif., Thursday discussed the car-theft problem. Photo: Terry Chea/Associated PressThe attorneys general of 17 states urged the federal government to issue a recall for millions of Hyundai and Kia vehicles, claiming the companies have failed to take adequate steps to address a surge in car thefts. In a letter sent to the National Highway Traffic Safety Administration Thursday, the group said the auto makers’ failure to install standard safety features on many of their vehicles has put owners and the public at risk.

CNN —A transgender woman has sued Maryland’s corrections department in federal court, alleging she was improperly housed with male inmates while jailed for three months in 2021 and 2022 – and was sexually assaulted and denied hormone treatment during that time. “I’m filing this lawsuit today because I don’t want what happened to me to happen to any other trans woman in the state of Maryland,” Gilliam said in a news conference Wednesday. She received hormone treatments for her gender dysphoria for 18 years before she was jailed, the suit says. After the assault, the Department of Public Safety and Correctional Services took no action, the lawsuit alleges. It also required her to sign a waiver saying she wouldn’t hold the public safety department liable if anything happened to her in the men’s prison, it says.

☆ California AG Rob Bonta on calls for Kia and Hyundai to recall vehicles over theft risk
▼ + stars: | 2023-04-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCalifornia AG Rob Bonta on calls for Kia and Hyundai to recall vehicles over theft riskCalifornia Attorney General Rob Bonta discusses calls from 17 AGs for Kia and Hyundai to recall vehicles at risk of theft. Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

CNN —A coalition of attorneys general for 17 states and the District of Columbia on Thursday called for a federal recall of Hyundai and Kia vehicles that they say are unsafe and too easy to steal. “Hyundai and Kia announced that they will initiate voluntary service campaigns to offer software updates for certain vehicles with this starting-system vulnerability. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a large stake in Kia, and various Hyundai and Kia models share much of their engineering. “The bottom line is, Kia’s and Hyundai’s failure to install standard safety features on many of their vehicles have put vehicle owners and the public at risk,” Attorney General Bonta said. The attorneys general’s letter asserts that the ease of theft of these Hyundai and Kia vehicles constitutes a safety hazard and the vehicles fail to meet federal standards for theft prevention.

☆ So many Kias and Hyundais are being stolen using just a screwdriver and a USB cord that 17 state attorneys general are calling for a recall on millions of vehicles
▼ + stars: | 2023-04-21 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +5 min

A group of state attorneys general is asking the federal government to recall millions of Hyundai and Kia vehicles. They cite a string of thefts in the last few years, which seem to be inspired by TikTok videos. It is unacceptable that families and communities should be forced to shoulder the cost of Kia's and Hyundai's failures." At least eight deaths and several injuries have been attributed to accidents involving stolen Kias or Hyundais, the letter states. The company also said it has shipped over 47,000 steering wheel locks to thousands of Kia owners, as well as to hundreds of local law enforcement agencies for them to distribute.

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