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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.

Kia says fewer than 30% of its dealers will get 2015 K900

Kia is moving into unknown territory with its $60,000 K900 luxury sedan in many ways. Not only will it act as the company's flagship model, it will be the Korean brand's first in the US with rear-wheel drive and a V8 engine. The first batch will hit showrooms in March, but according to Edmunds, it will be a soft launch in some ways, because only around 30 percent of dealers have paid a premium to sell the plush ride.
Kia has sent the selected dealers back to school to make sure they are prepared to sell the K900 to the industry's famously finicky luxury sedan buyers. The company believes its flagship model will be "a catalyst in support of our long-term strategy to elevate the ownership experience," said James Hope, Kia's National Manager for product communications, to Autoblog in an email. According to Edmunds, the dealers paid about $30,000 each in required training, tools and showroom displays. It wants the improvements to "shift the culture" in its dealers to be ready to welcome luxury buyers, according to Hope. Kia Director of Public Relations Scott McKee told Autoblog that the brand expects buyers to be "independent thinkers" from a blend of current Kia owners stepping up to the K900 and conquests from other luxury brands.
Kia has been slowly building awareness of the K900, especially with its Super Bowl ad, but it still has a long road ahead of it to prove what makes it crown jewel different. The company believes more dealers will sign up to sell it once public awareness for the new sedan grows. "There has never been a better time to challenge the status quo," said Hope. Also, a V6 model will launch in the future at a lower price, which should bring more people into the updated showrooms. Given what Kia has accomplished in the US in the last 20 years, it would be foolish to count the K900 out, but that doesn't mean it will be easy to break into the luxury sedan market.

Next-gen Kia Sedona drops more camo, shows KV7 cues

It was just two weeks ago that we saw our first glimpse of the 2015 Kia Sedona testing in full camouflage, but now Kia has stripped away some of the heavy cladding to give us an even better idea what its new minivan will look like. As we pointed out before, the next Sedona doesn't use as many design cues from the 2012 Kia KV7 as we initially hoped, but it should be interesting enough to stand out from the current crop of minivans.
Even though most of the body is still covered with the black and white pattern and the side doors still have cladding, these spy shots show off plenty of details about the new Sedona. Starting up front, Kia gave its minivan a more upright shape that we've seen a lot of on current Kia designs, while the reduced camo also makes the van's new side window shape more obvious. This pinched daylight opening (DLO) along the side is the same as what we saw on the KV7, and the window line dips back down again for the liftgate glass. While we're focused on the rear of the Sedona, that liftgate spoiler looks a lot like what we're used to seeing on the back of a Porsche Cayenne.
Kia has still yet to announce when its new minivan will be unveiled, but as things seem to be pretty far along in development, we'd expect to see something on the 2015 Sedona fairly soon.