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Hyundai, Kia looking to cut costs

Hyundai and Kia are off to roaring starts in the United States this year, underscored by Kia's best sales month ever in May. But globally the situation for the South Korean siblings hasn't been nearly so positive. Recently, they reported their fourth consecutive quarter of decreasing operating profits worldwide, and now they're "making efforts to cut costs," according to a statement in a joint email obtained by Bloomberg. However, the companies aren't detailing where they would make the cuts or how much they want to save. The amount could be significant, though. An unnamed Hyundai senior executive reportedly told a South Korean newspaper that the business might be aiming for up to 30 percent in reductions. According to Bloomberg, Hyundai and Kia are facing falling total sales worldwide. Making the situation worse is that the strong Korean won versus the weaker Japanese yen gives competitors an advantage. The automakers also angered investors enough last year to prompt a stock buyback after paying $10 billion for the land for a future headquarters. The prognosis doesn't look utterly dire, though, and new products are on the way. For example, the Hyundai Santa Fe is being refreshed in South Korea, and the next-gen Elantra debuts at this year's Los Angeles Auto Show. There's also the Creta on the way for foreign markets. Additionally, several models are still awaiting the green light, including a Hyundai Genesis-based luxury crossover, a compact CUV, and the Santa Cruz unibody pickup. Meanwhile, the Kia GT is reportedly close to production, too. Related Video:

Hyundai refining dealer strategy for premium models

Automotive News reports Hyundai is set to give its sales strategy for premium vehicles a once-over. Moving forward, each of the automaker's five North American regions will have a premium product operations manager. Those managers will all report directly to a senior group manager based at the Hyundai headquarters in California. To begin with, the group will start by identifying what dealers are currently doing right to sell the automaker's luxury hardware. From there, the group will then help spread those practices to the 320 dealerships currently authorized to sell the Equus. All told, Hyundai has some 800 dealers in the US.
The move comes ahead of the launch of the second-generation Genesis and Equus. Both sedans are slated to hit showrooms by early next year. The Genesis debuted in 2008 with the Genesis Coupe following along in 2009, while the Equus first landed on US shores in 2011.

Next Hyundai Elantra GT hatchback previewed by i30 teaser

The Elantra GT hatchback looked a bit neglected after its sedan sibling was introduced last year. That said, the Elantra hatchbacks have historically been released after the sedan, and usually had significant differences between the two body styles. Based on this latest teaser from Hyundai, the hatchback will continue its unique streak. The teaser is officially for the European i30, but the i30 and Elantra hatchbacks have been the same vehicles since the late 2000s. There's also no sign of the American version being dropped or deviating from its European twin, so it seems a safe bet that this newest i30 will come here with the Elantra name. Hyundai does make it clear that this car was made with Europe in mind though, since both the press release and video tout the fact that all of the styling and development work was done in Europe. Peter Schreyer, lead designer for the Hyundai group, says this car is "the next step to how Hyundai design should be." So look for key design elements like the "cascading grille" to appear in future Hyundai vehicles. Speaking of design elements, we can actually spot a decent amount of them in the teaser image and video. The grille extends down the front of the bumper in a similar fashion to the sedan. Overall, the shape of the car looks more formal and upright than the steeply raked design of the current model. In addition, the sheet metal appears to be much less busy, with far fewer swoops and lines. The car will be fully revealed on September 7 just before the Paris Motor Show. Related Video: