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Hyundai missing Q1 earnings targets blamed on slow US sales

Slow US growth is hampering profits at Hyundai. In its first quarter financial statement, the Korean automaker reported a profit of 1.93 trillion won ($1.86 billion). According to Reuters, this is less than analysts' expectations and nearly the same as last year.
According to the report, US sales fell by 3 percent in Q1 2014. To make matters worse, the high value of the South Korean currency caused lower profits on models exported from there. On the bright side, Hyundai's Chinese sales rose by 9 percent, according to Reuters. It's also working on building a fourth factory there.
The company has had a rough time in the US throughout the quarter. John Krafcik, the CEO of Hyundai of America, stepped down on January 1, and the company was already predicting slow growth in sales for 2014. Falling quality scores for the Sonata and Elantra aren't helping matters either. However, there may be hope on the way. The second-generation Genesis Sedan was introduced to the US in Detroit, and the redesigned Sonata was recently shown in New York. Successful launches of these important models could prove crucial.

Hyundai brings 1,000-hp Genesis Coupe to SEMA, and plenty more [w/video]

Hyundai has a thirst for horsepower. How else could we explain the scene you see above, in which there exists a 708-horsepower front-wheel-drive Sonata tuned by Bisimoto (black and white, above left) powered by Hyundai's 2.4-liter Theta II engine? Or the little red number you see hiding in the background, which, at an even 1,000 horsepower, is "the most-powerful 2.0-liter Genesis Coupe ever built," says Hyundai?
In addition to those two powerhouses, the white Sonata (above right) was styled by John Pangilinan to "[connect] Los Angeles street art culture with automotive enthusiasts," whatever that means, and it joins an ARK Performance-tuned Genesis Sedan meant to go head-to-head with Mercedes AMG and BMW M and another Genesis Sedan tuned by Toca Marketing Group with a twin-turbo'd 5.0-liter Tau V8.
All in, that's five heavily modified vehicles being shown at the 2014 SEMA Show by Hyundai (not to mention any more customs not actually sponsored by the automaker itself), and each of them is pretty successful as far as we're concerned. Check them all out for yourself in the image gallery above, and read all the details in the press release below, where you'll also find a video of the builders discussing each of their creations.

Sonata, Elantra driving down Hyundai quality scores

Hyundai was the butt of many jokes in the auto industry when it first entered the US market, but since then, it has forged ahead and built cars that stand with the best in their respective segments. The 2011 Sonata and 2011 Elantra were seen as the apotheosis of the brand's forward progress when they were introduced, but falling J.D. Power and Associates Dependability Study results may actually cause them to hurt the company's hard-earned reputation.
J.D Power's study examines three-year-old vehicles for problems per 100 vehicles. Since the 2011 study for 2008 model year cars, Hyundai has fallen from 10th overall with 132 problems to 27th in the 2014 survey of 2011 model year vehicles with 169 problems. It was also Hyundai's second consecutive year of an increase in reported problems. According to Automotive News, many of these problems are due to faults with the Sonata and Elantra, but J.D. Power didn't identify specifically what issues caused Hyundai's dependability to tumble so far down the list. However, the study found that, on average, reliability fell throughout the industry for the first time since 1998.
Getting the Sonata and Elantra right are vital to Hyundai. In 2013, they were the company's best-selling cars. "We'll be closely going through the data to see where improvements need to be made. Hyundai's goal is nothing short of quality leadership, and the report shows we have work to do," Hyundai spokesperson Jim Trainor said in an email to Autoblog.