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Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.

Insider trading ahead of Hyundai-Kia MPG debacle suspected

Reuters is reporting that large-scale insider trading may be at the heart of some particularly fishy stock-selling behavior, just prior to the original announcement about the Hyundai-Kia fuel economy ratings debacle.
On November 1st, Hyundai-Kia shares traded roughly 2.2 million times (the single highest-volume day of the year), and the stock price fell by about four percent. For reference, a standard daily trading volume for the stock in 2012 saw about 600k shares trading hands. On November 2nd, the company made public the bad news about the dropping fuel economy ratings for many of its models. In other words: No one outside of the company (and only a smallish group inside the company, we'd imagine) should have known anything about the impending bad news as of the first day of November. After the announcement, the stock price tanked, as you'd expect, and trading volume was way down as well.
Experts seem fully aware that the whole thing reeks of leaked information and subsequent insider trading. If chicanery on this sort of scale seems wacky to you, you'd be inline with the experts who report to Reuters that the level of trading is absolutely suspicious.

Hyundai reveals a fourth, autonomous flavor of Ioniq

Hyundai added a fourth variant of the Ioniq line at this year's Los Angeles auto show, but this one isn't headed for production just yet. It's an autonomous concept that Hyundai is using to develop affordable, integrated hardware and software. Integrating all the hardware is something Hyundai is quite proud of, particularly the positioning of the lidar system in the front bumper. Hyundai says moving the lidar gear to the bumper allows the Ioniq "to look like any other car on the road and not a high school science project." We wonder if that statement was directed to Ford and its autonomous Fusion prototypes. The three lidar sensors are combined with a variety of other systems aboard the autonomous Ioniq. A number of the sensors are already going to be installed on production Ioniqs, including the radar for the car's Smart Cruise Control and the lane-keep assist cameras. The car's blind-spot radar will also be used for lane changes. Hyundai says by using these existing parts, implementing autonomous technology should be simpler and cheaper. These standard Ioniq sensors are all supplemented with a GPS antenna, high-definition mapping data, and a three-camera system installed just behind the windshield for detecting pedestrians, lane markings, and traffic signals. The car isn't just for show either. Hyundai has three of the autonomous Ioniqs testing in South Korea, alongside a pair of autonomous hydrogen fuel cell Tucsons. The company will also bring two autonomous Ioniqs to the 2017 Consumer Electronic Show. The cars will be there to give rides to the media. Related Video: Featured Gallery Hyundai Autonomous Ioniq concept View 19 Photos Image Credit: Hyundai Green LA Auto Show Hyundai Technology Emerging Technologies Autonomous Vehicles Sedan 2016 LA Auto Show hyundai ioniq