2011 Kia Sx on 2040-cars

Auto blog

Hyundai, Kia ratchet up fleet sales as retail transactions slide

Automotive News reports both Hyundai and Kia have stepped up fleet sales in an attempt to offset disappointing first quarter results. The Korean automakers saw their sales decline by nine percent compared to last year, while all major competitors managed to increase their sales. That situation marks an inversion of two years ago, when both gained ground after Japanese rivals suffered production and inventory shortages after the country's earthquake and tsunami tragedies.
Now, Hyundai can't come up with enough volume models in popular trim configurations to satisfy buyers, and lower-volume models are also in a snag. At the moment, Hyundai can only build 20-30 percent of Veloster hatchbacks with turbocharged engines while the US market would apparently support closer to 70 percent.
In order to reverse the sales slide, Hyundai and Kia have stepped up fleet sales of the vehicles they do have by some 50 percent, ringing up a total of 42,400 units in the first quarter. By contrast, Automotive News reports the seven largest automakers increased retail volume by seven percent and fleet sales by four percent as a group.

2014 Kia Soul to get quasi-SUV look for Europe [w/poll]

The 2014 Soul is bigger and more refined, and Kia says its look has been inspired in part by the Track'ster concept. Interestingly, European buyers will get the option of a different look than what we'll see in our showrooms. They'll be able to specify the SUV Styling Pack seen here, which includes matte-black cladding on the front and rear fascias, along with what Kia refers to as piano-black trim on the wheel wells and side skirts. The roof is available painted black, white or red. With all of that black trim and slightly tougher look, the styling reminds us of the Fiat 500L Trekking, a model the Soul will compete directly against.
European markets also have the ability to spec their Souls like our North American version, which substitutes body-color trim for most of the black pieces. Currently, there are no plans to bring the SUV Styling Pack to the US. But that doesn't mean we'll never be able to buy this butch-look Soul on our side of the Atlantic. Company spokesperson James Hope confirms to Autoblog, "[Kia] has no plans to offer something similar to the EU-spec Soul at this time. However, we are always monitoring the market and if we saw an opportunity we would certainly look into it."
Feel free to peruse the press release below for more details on the Euro-spec Soul - which is slated to debut at next month's Frankfurt Motor Show - and then let Kia know if they should bring the SUV Styling Pack here by participating in our poll below.

Hyundai reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.