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Hyundai rehires R&D president let go over quality issues

Last November, Hyundai announced the resignations of research and development president Kwon Moon-sik and two other R&D executives. At that time, it was said that the executives wished to "take responsibility for a series of quality issues" at the Korean automaker. Kwon Moon-sik had only been in the position for a year, but some of the quality issues thought to have caused the resignations included recalls of the Genesis and other sedans around the world, along with the company's much-publicized fuel economy overstatement controversy - both of which dealt with matters that transpired before Moon-sik took his position. In its statement at the time, Hyundai said, "The latest personnel change shows our firm commitment to quality management and reaffirms our will to continuously improve R&D competitiveness."
Three months later, Reuters is reporting that Moon-sik is back with the company, a statement announcing the rehire saying, "Given his expertise, experience and leadership skills, we reinstated president Kwon to enhance quality and R&D capability from scratch." Company chairman Chung Mong-koo is said to have a reputation for firing then rehiring workers, and it's possible this rehire is especially timely because Hyundai will bring its new Sonata to market this year and likely wants its experienced R&D captain at the wheel.
The man who had taken Moon-sik's position has returned to his previous post as head of powertrain development. However, in another surprise resignation, the head of Hyundai's design center, Oh Sug-geun, has left the company for "personal reasons." He has been replaced by Lee Byung-seob, who moves up from his position as head of exterior design.

Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.

Hyundai/Kia's Prius rival to arrive by 2017

The Toyota Prius is the undisputed king of the hybrid market, but Hyundai and Kia are hoping to challenge its reign in the coming years with their own dedicated model. However, in all likelihood this is the same technology being shared between them. "We will take the lead in the future by raising the competitiveness of our environment-friendly cars like hybrid-only cars, plug-in hybrid cars and fuel cell hydrogen cars," Hyundai Motor CEO Kim Choong-ho said to Reuters, during the launch of another vehicle in South Korea.
While Kim didn't say when the model would be ready, Autocar in Europe spoke to people at Kia, who said that the company's own hybrid was two years away and codenamed the DE. The initial vehicle is reportedly a five-door hatchback that's about 169-inches long, with more conventional styling than the Prius. Its powertrain is reportedly based around a 1.6-liter engine with electric assist. A plug-in version might follow later, and other bodystyles on the platform are possible. A recently spotted test mule might show the current state of development on the project (pictured above).
According to Reuters, the decision for the new vehicle comes in order to meet tighter emissions in some markets. However, it seems like a challenging move for the US market. Hyundai already sells its Tucson fuel cell in limited quantities and the Sonata hybrid, and Kia has the Optima hybrid and Soul EV. Industry analysts are also predicting that hybrids might have a hard time versus internal combustion engines in the coming years. In addition, Toyota is rumored to get fuel economy close to 60 miles per gallon for some versions of the next Prius. All of these factors make selling the models here a potentially difficult undertaking.