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Hyundai reboots Ioniq as an EV brand, starting with Ioniq 5 crossover in fall 2021 – Green Car Reports

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Starting now, the Ioniq name will refer to much more than Hyundai’s long-awaited answer to the Toyota Prius. 

Hyundai announced Monday morning in South Korea that a new Ioniq brand will spawn an entire family of fully electric vehicles that will include production models based on the well-received Prophecy sport-sedan concept and retro-styled 45 EV concept

The start of the Ioniq brand “opens a new chapter as a leader in the area of electrified mobility,” according to a release accompanying the announcement. 

Although the rapid growth of Tesla and a corresponding surge in interest for fully electric vehicles in Europe, the U.S., and South Korea—where Tesla recently outsold Hyundai’s own electric cars—isn’t mentioned specifically, Hyundai all but spells it out: that the creation of the brand “is in response to fast-growing market demand and accelerates Hyundai’s plan to lead the global EV market.”

Hyundai 45 concept

Within the brand, Hyundai promises ultra-fast charging and spacious interiors, with three new dedicated-EV models to arrive over the next four years. That will include the Ioniq 5, a mid-sized (by global standards) crossover based on the 45 Concept; the Ioniq 6, a sedan based on the Prophecy Concept; and the Ioniq 7, a larger SUV due in early 2024.

Hyundai Prophecy concept

Although Hyundai didn’t detail the Ioniq 5 and Ioniq 6, those two models could directly rival the Model Y and Model 3, respectively. The crossover concept is about 182 inches long—likely positioning it versus the Ford Mustang Mach-E, Volkswagen ID.4, Nissan Ariya, the Model Y and many others. 

All three models will be built on Hyundai’s Electric Global Modular Platform, termed E-GMP, which we’ve reported before has been conceived to enable an 800-volt vehicle architecture for some or all of the vehicles based on it—and charging rates up to 350 kw. In addition to the layout advantages of skipping the space for internal combustion engines, Hyundai says that user interfaces will be simplified and designed to make those aboard feel at ease. 

2020 Hyundai Ioniq Hybrid

Hyundai Motor America clarified to Green Car Reports that the new strategy won’t affect how hybrids and plug-in hybrids are presented. The existing lineup of Ioniq models will continue to be sold as Ioniq Electric, Ioniq Plug-In, and Ioniq Hybrid, but from now on the new Ioniq models will follow the numerical nomenclature. 

So for the time being, shoppers will face at least one model with the Ioniq badge—the Ioniq Hybrid—that has no charge port whatsoever. 

Breaking Ioniq out as a brand won’t necessarily mean new showrooms or a dramatically different sales experience—at least not right away. Hyundai will keep Ioniq sales at existing “existing Hyundai distribution channels,” the company confirmed. 

Although Hyundai hasn’t yet talked volume for these cars—definitely a sore spot that’s led to supply-limited dealer markups for Hyundai’s current EVs like the Kona Electric—these cars appear to signal a new era for the U.S. Hyundai Motor America confirmed to Green Car Reports that the Ioniq 5 will arrive in the U.S. in fall 2021, and the Ioniq 6 will follow in 2022.  

Hyundai announces Ioniq brand dedicated to EVs

Hyundai has given plenty of signals that from here on, it’s different. The Hyundai Motor Group as a whole aims to sell 1 million battery electric vehicles annually by 2025, to become the global leader in EVs. Hyundai itself—partly or mostly via the Ioniq brand—targets 560,000 of those sales. 

Kia confirmed earlier this year that it’s vying for 500,000 annual EV sales by that year. Its first dedicated EV—expected to be a close cousin of the production crossover based on the 45 concept—will arrive in the U.S. by the end of 2021.

Hyundai also said that it is undergoing a transformation as “a Smart Mobility Solution Provider with zero-emissions solutions.” 

Whether that means more investment in people-movers, ride-hailing, car-sharing ventures—or hydrogen fuel-cell applications—that’s all forthcoming.

Don’t get your hopes up about a subscription program, though. In the U.S., the Ioniq Electric originally launched under a subscription plan that was all-inclusive (including insurance, public charging privileges, and even reimbursement for title and registration). It discontinued that program in 2018, citing “a whole range of factors,” but then said that it was “studying other options.” Hyundai told us again this week that it has no intent to bring back such a program.

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Telus prioritizing ‘most important customers,’ avoiding ‘unprofitable’ offers: CFO

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Telus Corp. says it is avoiding offering “unprofitable” discounts as fierce competition in the Canadian telecommunications sector shows no sign of slowing down.

The company said Friday it had fewer net new customers during its third quarter compared with the same time last year, as it copes with increasingly “aggressive marketing and promotional pricing” that is prompting more customers to switch providers.

Telus said it added 347,000 net new customers, down around 14.5 per cent compared with last year. The figure includes 130,000 mobile phone subscribers and 34,000 internet customers, down 30,000 and 3,000, respectively, year-over-year.

The company reported its mobile phone churn rate — a metric measuring subscribers who cancelled their services — was 1.09 per cent in the third quarter, up from 1.03 per cent in the third quarter of 2023. That included a postpaid mobile phone churn rate of 0.90 per cent in its latest quarter.

Telus said its focus is on customer retention through its “industry-leading service and network quality, along with successful promotions and bundled offerings.”

“The customers we have are the most important customers we can get,” said chief financial officer Doug French in an interview.

“We’ve, again, just continued to focus on what matters most to our customers, from a product and customer service perspective, while not loading unprofitable customers.”

Meanwhile, Telus reported its net income attributable to common shares more than doubled during its third quarter.

The telecommunications company said it earned $280 million, up 105.9 per cent from the same three-month period in 2023. Earnings per diluted share for the quarter ended Sept. 30 was 19 cents compared with nine cents a year earlier.

It reported adjusted net income was $413 million, up 10.7 per cent year-over-year from $373 million in the same quarter last year. Operating revenue and other income for the quarter was $5.1 billion, up 1.8 per cent from the previous year.

Mobile phone average revenue per user was $58.85 in the third quarter, a decrease of $2.09 or 3.4 per cent from a year ago. Telus said the drop was attributable to customers signing up for base rate plans with lower prices, along with a decline in overage and roaming revenues.

It said customers are increasingly adopting unlimited data and Canada-U.S. plans which provide higher and more stable ARPU on a monthly basis.

“In a tough operating environment and relative to peers, we view Q3 results that were in line to slightly better than forecast as the best of the bunch,” said RBC analyst Drew McReynolds in a note.

Scotiabank analyst Maher Yaghi added that “the telecom industry in Canada remains very challenging for all players, however, Telus has been able to face these pressures” and still deliver growth.

The Big 3 telecom providers — which also include Rogers Communications Inc. and BCE Inc. — have frequently stressed that the market has grown more competitive in recent years, especially after the closing of Quebecor Inc.’s purchase of Freedom Mobile in April 2023.

Hailed as a fourth national carrier, Quebecor has invested in enhancements to Freedom’s network while offering more affordable plans as part of a set of commitments it was mandated by Ottawa to agree to.

The cost of telephone services in September was down eight per cent compared with a year earlier, according to Statistics Canada’s most recent inflation report last month.

“I think competition has been and continues to be, I’d say, quite intense in Canada, and we’ve obviously had to just manage our business the way we see fit,” said French.

Asked how long that environment could last, he said that’s out of Telus’ hands.

“What I can control, though, is how we go to market and how we lead with our products,” he said.

“I think the conditions within the market will have to adjust accordingly over time. We’ve continued to focus on digitization, continued to bring our cost structure down to compete, irrespective of the price and the current market conditions.”

Still, Canada’s telecom regulator continues to warn providers about customers facing more charges on their cellphone and internet bills.

On Tuesday, CRTC vice-president of consumer, analytics and strategy Scott Hutton called on providers to ensure they clearly inform their customers of charges such as early cancellation fees.

That followed statements from the regulator in recent weeks cautioning against rising international roaming fees and “surprise” price increases being found on their bills.

Hutton said the CRTC plans to launch public consultations in the coming weeks that will focus “on ensuring that information is clear and consistent, making it easier to compare offers and switch services or providers.”

“The CRTC is concerned with recent trends, which suggest that Canadians may not be benefiting from the full protections of our codes,” he said.

“We will continue to monitor developments and will take further action if our codes are not being followed.”

French said any initiative to boost transparency is a step in the right direction.

“I can’t say we are perfect across the board, but what I can say is we are absolutely taking it under consideration and trying to be the best at communicating with our customers,” he said.

“I think everyone looking in the mirror would say there’s room for improvement.”

This report by The Canadian Press was first published Nov. 8, 2024.

Companies in this story: (TSX:T)

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TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

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CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

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BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

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BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

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