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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.

Rockstar Performance creates off-road Hyundai Tucson for SEMA

Hyundai is rapidly filling its space for this year's SEMA Show on November 3 in Las Vegas, NV, but the latest addition to the growing list of debuts takes a slightly different approach. Rather than going for all-out power like the rest, Rockstar Performance Garage is bringing a tuned 2016 Tucson that's custom modified to head off-road. To handle getting through mud and over rocks, Rockstar Performance gives the Tucson a major suspension upgrade. Some 2.5-inch, adjustable coilovers are fitted at the front, and the rear is equipped with 2.5-inch shocks with remote reservoirs and progressive springs. To get the power to the dirt, 32-inch Mickey Thompson tires are mounted on some 17-inch wheels. "The focus behind this build was to create an off-roader that nobody expected," says Nic Ashby, owner and general partner of Rockstar Performance Garage. The tuners give the Tucson a meaner look thanks to a black paint job that's trimmed with yellow and silver accents, and the roof features a custom rack with an LED light bar. Inside, the stereo gets an upgrade with improved speakers and a 10-inch subwoofer. The powerplant isn't left alone, either, and Rockstar Performance fits new parts for the turbo piping and intercooler, plus a Magnaflow exhaust, to get the most from the 1.6-liter engine. Rockstar Performance's work should be quite a contrast next to the lowered, blue, 700-horsepower Tucson from Bisimoto Engineering also coming to SEMA. Related Video: ROCKSTAR PERFORMANCE GARAGE TURNS 2016 TUCSON INTO A TRUE OFF-ROADER FOUNTAIN VALLEY, Calif., Oct. 12, 2015 – Rockstar Performance Garage (RPG), the off-road specialists, have revealed details on its 2016 Tucson SEMA build. This is the first year that Hyundai has teamed up with the off-road gurus at RPG, injecting off-road lifeblood into Hyundai's popular CUV. The car will be revealed at Hyundai's SEMA press conference on November 3 at 11:30 a.m. PT, in Las Vegas. The bumper-to-bumper overhaul started with the most important piece of any serious off-roader: the suspension. The Tucson now sits six inches over stock height, riding on massive, 32-in. MTZ P3 tires from Mickey Thompson, and a fully-custom, adjustable shocks and struts system from King Shocks. The vehicle's wheel wells were reconstructed to create space for the new setup, now able to fit the massive suspension and tire combination.

Hyundai and Kia to hit record 8M sales for 2014

Hyundai and Kia are on a sales charge in 2014, and parent company Hyundai Motor Group is increasing projections to a record eight million combined units for the automakers by the end of the year – a bump over the original target of 7.86 million vehicles. According to Bloomberg, the key to the growth is beating expectations in Brazil, China and India, and strong crossover sales are also helping the bottom line. In the US, both automakers are doing well this year. In October, Hyundai saw a six percent dip in monthly sales, but through the first 10 months it sold 607,539 vehicles, compared to 601,773 at this point last year. Kia has done even better with 489,711 units sold from January to October, versus 456,137 for the period in 2013. The good news is a welcome antidote to negative headlines like investors' anger over Hyundai's $10 billion land purchase in Seoul, South Korea. The two automakers also had to pay a $300 million penalty to the Environmental Protection Agency for misstating fuel economy on some models. While sales may reach a new record, profits might not grow as much with them. The strong Korean won means that Hyundai and Kia have a tougher time keeping up profit margins compared to Japanese competitors with a weaker yen.