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Hyundai Motor Profit Rises 31%, Beating Analyst Estimates

Hyundai Motor Co., South Korea’s largest carmaker, reported first-quarter profit that exceeded analysts’ estimates, helped by sales of the Elantra sedan and i20 subcompact in Europe and the U.S.

Net income climbed 31 percent to 2.45 trillion won ($2.2 billion), compared with 1.88 trillion won a year earlier, the Seoul-based company said in a statement today. Profit beat the 2.07 trillion won average of 25 analyst estimates compiled by Bloomberg. Revenue increased 11 percent to 20.2 trillion won.

The Sonata and Accent sedans fueled a 15 percent increase in U.S. deliveries in the quarter, while the i20 hatchback helped drive a 13 percent rise in Europe, bucking the region’s economic slump that pushed down demand for vehicles to a 14-year low last month. The company has said since January that it expects sales to climb 5.7 percent to 4.3 million units in 2012 and reach 7 million vehicles when combined with those of affiliate Kia Motors Corp. (000270)

“The global auto industry is expected to improve in the second half of this year, as U.S. demand remains strong and China’s growth turns around,” said Shin Chung Kwan, an analyst at KB Investment and Securities Co. in Seoul. “I expect other major automakers to post improved operating profits.”

Operating profit, or sales minus the costs of goods sold and administrative expenses, rose 25 percent to 2.28 trillion won. That exceeded the 2.11 trillion won average analyst estimate compiled by Bloomberg.

Hyundai, the first among major global carmakers to report results for the latest quarter, gained 1.8 percent to 262,000 won at the close in Seoul trading, while the benchmark Kospi index rose 0.1 percent.

U.S. Demand

The company raised its forecast for global auto market growth in 2012 to 5.6 percent, helped by demand in the U.S., Lee Won Hee, Hyundai’s chief financial officer, said today. This is bigger than the 3.6 percent increase it forecast at the beginning of this year, he said.

“The increase in U.S. auto industry’s demand is more than we had expected,” Lee said. “Our Elantra and Sonata supply is not able to keep up with the demand in the U.S.”

Hyundai isn’t concerned about stiffer competition from Japanese rivals such as Toyota Motor Corp. (7203) and Honda Motor Co. (7267), which are rebounding from last year’s natural disaster, he said. The South Korean carmaker plans to introduce five new models in the U.S., including the new Santa Fe sport-utility vehicle and a revamped Elantra.

China Plant

In China, the world’s largest automobile market, Hyundai’s sales rose 6.8 percent in the first quarter, bucking a decline in industry deliveries, fueled by demand for the Accent, whose deliveries jumped 80 percent last quarter. To meet demand, Hyundai plans to start production of its China-exclusive Elantra, introduced as Langdong in the country, at the newly completed third plant, the company said in an April 23 e-mail.

Production at Hyundai’s third plant in China will begin in July, which will increase the automaker’s production capacity to 1 million units in the country, according to the company.

Rising gasoline prices have undermined demand in China, where Volkswagen AG (VOW) and BAIC Motor Corp. warned this week of rising inventory levels in the industry.

Average prices of cars produced in China have fallen for three straight months as quarterly sales shrank for the first time since 2005 during the first three months of the year.

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Hyundai Offering Free SiriusXM Subscriptions

SIRIUSXM RADIO and HYUNDAI MOTOR AMERICA has launched a deal where HYUNDAI dealers will give customers across the U.S a three-month SIRIUSXM subscription when they purchase a pre-owned vehicle, regardless of manufacturer, equipped with satellite radio.

"HYUNDAI is dedicated to its dealers and customers and this is just one more way for us to go one step beyond by offering customers not only an attractive selection of Certified HYUNDAI, pre-owned HYUNDAI and non-HYUNDAI vehicles, but to include a three-month subscription for SIRIUSXM," HYUNDAI MOTOR AMERICA Manager JOSE FROEHLICH said.

"We are proud that HYUNDAI dealers want to demonstrate SIRIUSXM for their pre-owned vehicle customers," SIRIUSXM Automotive Remarketing and Retail Sales SVP/GM JOE VERBRUGGE said. "By including a three-month SIRIUSXM subscription, customers buying any pre-owned vehicle from HYUNDAI can be assured that when they start up their vehicles they are getting best-in-class technology and can enjoy our unparalleled audio entertainment lineup.

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Inver Grove Hyundai gets a "thumbs up" from me and my husband. We appreciated their kind and thoughtful support while we made such a big decision - we love our 2012 (Pacific Blue Pearl) Sonata! We didn't feel pressured, and appreciated them giving us time to research, sleep on it, then come back the next day. We highly recommend them to others. Even the financing/warranty discussion was enjoyable and transparent. We have never had such a positive experience buying a car, and already plan to buy our next vehicle from them. The car itself was a great value, and we were pleased with the price we paid too. Thank you, Terry & Jessica!-ejwood

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Hyundai Azera perfectly parked in large sedan segment

In a quiet, forgotten corner of the automotive landscape there is a segment of vehicle called the large sedan. These cars tilt toward luxury but have a foot firmly planted in practicality and economics.

They are for cheap hedonists. Or penny-pinching gourmands. They are for people who fly coach but upgrade to the exit row, favor Macaroni Grill over Olive Garden or see movies only when they hit video on demand but then spring for the HD version.

After several years of neglect, Hyundai is now paying this segment some attention with its 2012 Azera. Slotting above the company's everyman Sonata but below the European-hunting Genesis sedan, the relaunch of the $32,875 Azera foretells of a battle in the large sedan segment.

Both Chevrolet and Toyota brands used the recent New York auto show to introduce heavily redesigned and rethought versions of their large sedans, the Impala and Avalon, respectively. Those models arrive in 2013 and look to shake up current competitors such as Buick's stout LaCrosse, Ford's improving Taurus and Nissan's sporty-but-aging Maxima.

Thus, Hyundai's new Azera is tasked with a challenge; beat the cars available now at their own game while anticipating what's ahead.

The Azera, which was last made in 2010, has all the trademarks of the large sedan class. It has a V-6 engine routing power to the front wheels via an automatic transmission. The 3.3-liter engine is direct-injected for efficiency and has 293 horsepower and 255 pound-feet of torque.

The engine is also one of the highlights of the Azera; power is smoothly modulated and is more than enough for a car this size, with zero to 60 mph coming in 6.6 seconds, according to Motor Trend.

The engine is quiet under nearly every circumstance, but like that shy kid in the back of chorus, it really sings when encouraged. Meanwhile, the six-speed transmission does its job ably, though slipping it into manual mode reveals some hesitancy to shift gears.

Fuel economy on the Azera is rated at 20 miles per gallon in the city and 29 on the highway. Over 300 miles of testing in slightly more city driving than on the highway, it revealed an average of 19 mpg.

The rest of the driving experience is pleasantly subdued. The suspension is comfortable yet firm; the body rolls around corners in an expected yet not alarming manner, and wind and road noise are nicely hushed.

The Azera's biggest drawback for drivers is the car's electric power steering. This isn't the first time Hyundai has brought to market a new model with a steering system that feels unnecessarily synthetic and removed from what the front wheels are really doing. A similar fault plagued the recent Hyundai Veloster; and it haunts this Azera, especially in tight, last-second maneuvers when you want all the control the car can possibly muster.

Given that Hyundai relentlessly tweaks even the minutiae of its cars' engineering, this repeated oversight is surprising.

But what Hyundai has taken the time to engineer is an interior and exterior worth showing off.

The Azera's body challenges the engine for title of this car's best feature. Even the harshest critics of Hyundai's "fluidic sculpture" design theme should admit that this is arguably the best-looking vehicle in the automaker's showroom.

It takes that design language and applies it in a mature, complete manner. The flowing style is confident without resorting to superfluous embellishments to get attention.

This car should have no trouble standing out from the rest of the large sedan crowd, both now and when those 2013 models roll into the ring. The sleek rear of the Azera and its horizontally oriented taillights are oddly similar to that of the 2013 Toyota Avalon, but with a flourish of style conspicuously absent from the Toyota.

The interior doesn't match the panache of the exterior, though not for lack of trying. The cabin wins plaudits for its excellent construction. Quality materials abound, and they're held together with tolerances usually reserved for a higher class of vehicle. That upscale feel is supplemented by the standard touch-screen navigation system that is still one of the easiest to use in the industry.

Buyers who find solace in a warm interior replete with (usually fake) wood trim should note that Azera's take on budget luxury errs on the more modernist side and uses faux carbon fiber and faux brushed metal trim instead.  

While everything is held together nicely, the layout of the buttons is a bit discombobulated, with symmetry and aesthetics favored over logic. This sends the driver in search of a button that isn't where reason says it should be, and this can be a frustrating distraction.

Additional consternation may result as well from the lack of a dedicated display screen for the climate control. You can call it up on the navigation screen, but if you're using that display for something like directions or for the stereo, you have no idea how and where the climate control is functioning.

But interior gripes end there, as the Azera stays true to its large sedan coterie with an abundance of passenger and cargo space. Passengers 6 feet and up can easily sit behind an equally tall driver; heck, cross your legs if you'd like and enjoy the standard heated leather seats throughout.

Other standard features include a backup camera; dual climate control; stereo system with iPod, Bluetooth and XM Satellite radio; and push-button start. Safety comes in the form of nine air bags, ABS, stability and traction control and a tire-pressure monitoring system.

My test car added the $4,000 Technology package, which includes 19-inch alloy wheels, a panoramic sunroof, Xenon headlights, an excellent Infinity audio system, ventilated front seats and a power rear sunshade. Total damage at the dealership: $36,875.

Although that price tag is a bit spendy compared with the older Azera, it still keeps the 2012 model fiercely competitive for its segment. Thus, value joins a commendable list of reasons this Hyundai is in an excellent position to challenge both current and future rivals.