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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 HCD-14 Genesis Concept takes a sleek look at the future

After seeing the promising lines of Hyundai's latest concept car last week in a shadowy teased rendering, we now have a better idea about what this sleek concept is all about. The 2013 Hyundai HCD-14 Genesis Concept received its official debut today at the Detroit Auto Show, and it's expected to be a pretty good indication of the styling direction for the next-generation Genesis sedan, although not quite the real deal.
Comparing this concept to spy shots of a Genesis prototype captured early last month, we can see that many elements of the HCD-14 will be incorporated into the newest Hyundai luxury sedan. As is the case with any concept car, the oversized carbon fiber wheels and suicide rear doors will certainly not be making it to the production model, but it will be interesting to see if the next-generation sedan has some of this car's styling cues like the hard-edged body creases along the side of the car, the coupe-like roofline running all the way to the rear of the car leaving no true decklid, or even the fine details like the "Genesis" etched into the headlights.
In addition to the styling of the car, there are plenty of new features being introduced on the concept that may be intended for the final product. This includes cabin technology features like a head-up display, hand-gesture recognition, and even a system that is able to track a driver's eyes to select options in various vehicle functions such as audio or climate controls. There also luxury appointments like the real milled wood accents and the iPad storage station. Hyundai is also promising improved driving dynamics with a more rigid chassis, new driver-selectable settings for various driving conditions and, of course, carrying over the 5.0-liter direct-injected V8 paired to an eight-speed automatic transmission.

Autoblog Minute: Krafcik CEO of Google autonomous vehicle division

We look at how Google's hiring of automotive executing John Krafcik could affect the future of autonomous vehicles. Autoblog's Mylencia Gillenwaters reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] We look at how Google's hiring of automotive executing John Krafcik could affect the future of autonomous vehicles. I'm Mylencia Gillenwaters and this is your Autoblog Minute. Krafcik, a veteran of the auto industry, arrives at Google after serving as CEO of Hyundai and TrueCar. For more on what the Krafcik hire could mean to the industry, we go to Autoblog's Pete Bigelow: [00:00:30] [Pete Bigelow Interview] Google has [00:01:00] an outspoken champion for autonomous driving, in Krafcik who isn't shy about taking to social media to share his thoughts. Krafcik and Google seem poised to move self-driving cars into the next phase of development and it will be interesting to follow along as the tech giant [00:01:30] attempts to change the way we get around. For Autoblog, I'm Mylencia Gillenwaters. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Ford Hyundai Autonomous Vehicles Autoblog Minute Videos Original Video john krafcik google autonomous vehicles