Reduced One Day Only Better Then New White 2010 Kio Rio Lx on 2040-cars

Auto blog

Hyundai Motor reassigns 17 top execs to make way for fresh ideas

SEOUL — South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business empire. The reshuffle, first reported by Reuters on Tuesday and confirmed by Hyundai on Wednesday, is part of preparations for generational change in the executive ranks at South Korea's second-largest family-owned business empire. Group President Albert Biermann, a German former BMW executive, was named head of research and development, replacing longtime executives Yang Woong-chul and Kwon Moon-sik. The move was seen as a significant step to bring in fresh ideas at the Korean-dominated group. In all, 17 top executives were reassigned across the group including at Hyundai Motor Co and Kia Motors Corp — which together form the fifth-biggest automaker in the world. The move follows the promotion of Euisun Chung in September to Hyundai Motor's executive vice chairman, moving him closer to succeeding his 80-year-old father, Mong-Koo Chung, as group chairman. It comes as Hyundai Motor Co battles to reverse falling profits as a result of U.S. recall costs and weak sales in the U.S. and Chinese markets. Hyundai Motor Co shares jumped as much as 9 percent to their highest level since Oct. 10, while shares in affiliates like Hyundai Mobis, Hyundai Wia and Hyundai Glovis also rallied. While the announcement by Hyundai on Tuesday of a major investment in fuel cell production also lifted sentiment, analysts said most of the share price rise could be attributed to the leadership changes. In particular, it signaled that the junior Chung was making progress with his plans to restructure the sprawling group after a previous plan was scrapped due to opposition from U.S. hedge fund Elliott. "The reshuffle signals that the junior Chung is tightening his grip on the conglomerate, a move which raises investors' hopes for change," said Kim Joon-sung, an analyst at Meritz Securities. Ascendance of outsiders In a sign that Chairman Chung's grip may be weakening, one of his closest lieutenants, Hyundai Motor Co Vice Chairman Kim Yong-hwan, was reassigned away from the core automaker and named vice chairman of steelmaking affiliate Hyundai Steel.

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.

The Kia Stinger GT won't get a manual, but the US does get a louder exhaust

Kia revealed its new Stinger GT hatchback grand tourer tonight. Unfortunately for fans of the clutch pedal, a manual transmission won't come any time soon. Albert Biermann, Kia's head of vehicle testing and high-performance development, told us there are no plans for a manual. Instead, buyers will have to settle for an eight-speed automatic, which Kia's director of corporate communications, James Bell, said was chosen for its quick shifts coupled with low-speed refinement. Biermann did admit that he would enjoy driving a manual Stinger, if he had one. View 12 Photos If the lack of a manual transmission has diminished your enthusiasm for the stylish new Kia, perhaps this will help bolster it: Biermann told us that the US will get a market-specific exhaust, and it's louder than what Europe will get. He said that the US has less restrictive exhaust sound regulations, allowing up to 80 decibels. So even though the Stinger GT won't exercise your left foot much, your ears may be in for a treat. We certainly look forward to hearing it ourselves. Related Video: