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Hyundai Shifts EV Plans, Introduces Genesis Hybrid

SOUTH KOREA REPORT

Hyundai Motor Company is developing a hybrid vehicle for its Genesis luxury brand. The company had planned to focus on EVs and FCVs for the Genesis, which will be launched after 2025. The recent slowdown in the growth of the EV market has forced the company to change its strategy.

According to industry insiders, Hyundai Motor is developing a hybrid engine and related systems for the Genesis, which is expected to be launched in 2025. Hybrid models will be added to the mainstream GV80 and GV70 models. The company plans to expand its HV lineup under the Hyundai Motor and Kia brands as well, having decided to introduce HVs under its luxury car brands due to the risk of slumping sales if it continues to shift more toward EVs. Hyundai Motor’s HV sales in 2023 were up 53% from the previous year to approximately 380,000 units.

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Toyota and Chiyoda Develop Hydrogen Production System

JAPAN REPORT
Akihiro Komuro
Akihiro Komuro

Toyota Motor Corporation and Chiyoda Corporation have announced the joint development of a hydrogen production system. The two companies plan to begin demonstration tests at Toyota’s main plant in fiscal 2025 and hope to begin marketing the system around fiscal 2027.

The system will produce hydrogen by electrolyzing water. It will have an output of about 5 megawatts and will be able to produce about 100 kilograms of hydrogen per hour. The new plant has a footprint of 6 meters wide by 2.5 meters deep, about half the size of a typical plant. By linking multiple plants, the production volume can be significantly increased.

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Rolls-Royce Reports 16% Revenue Growth in 2023

EUROPE REPORT 
Natasa Mulahalilovic
Natasa Mulahalilovic

Rolls Royce Power Systems Business Unit, based in Friedrichshafen, Germany, reported sales of EUR 4.56 billion in fiscal 2023, a 16% increase over 2022. Operating profit hit 10.2%, up from 8.4% in 2022.

The operating profit increase is due to the investments in transformation and process optimization, implementation of a new commercial policy, better cost, and stock management.

Strong demand for standby power generation especially for data centers, implementation of the “From bridge to the propeller” strategy for large yachts, and development of an energy storage systems in Europe integrating renewable energies into the Duch public grid have contributed significantly to the revenue growth.

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