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Feds open investigation into recall of 1.7M Hyundais, Kias

US safety regulators have opened a formal investigation into the recall of nearly 1.7 million vehicles by Hyundai and affiliate Kia over engine defects, according to filings published Saturday. A South Korean whistleblower reported concerns last year to the National Highway Traffic Safety Administration (NHTSA), which will probe the timeliness of three recalls carried out in the United States and whether they covered enough vehicles. Fines could be imposed on the automakers if the NHTSA determines the recalls were not conducted properly. The agency did not immediately comment on the probe. A Hyundai spokesman in Seoul the company "has conducted recalls in compliance with US regulations and procedure" and will "sincerely" cooperate with the investigation. In 2015, Hyundai recalled 470,000 U.S. Sonata sedans, saying engine failure would result in a vehicle stall, increasing the risk of a crash. At that time, affiliate Kia did not recall its vehicles, which share the same "Theta II" engines. Kim Gwang-ho, then an engineer at Hyundai, flew to Washington in August 2016 to tell NHTSA the companies should have recalled more vehicles over the problem, citing an internal report. He also reported several alleged safety lapses to both U.S. and South Korean authorities. On March 31, Hyundai expanded its original U.S. recall to 572,000 Sonata and Santa Fe Sport vehicles with "Theta II" engines, citing the same issue involving manufacturing debris, the NHTSA said. On the same day, Kia also recalled 618,160 Optima, Sorento and Sportage vehicles which use the same engine. The recall, which was also conducted in Canada and South Korea, cost the duo 360 billion won ($322.40 million). "TIMELINESS AND SCOPE" According to the filings published Saturday, the agency opened a probe May 18 into "both the timeliness and scope" of the "Theta II" engine recalls and their "compliance with reporting requirements." In August 2014, Hyundai agreed to pay a $17.35 million fine to settle a NHTSA investigation it delayed the recall of 43,500 Genesis cars to fix a brake defect linked to two injuries. NHTSA said in 2014 Hyundai "must change the way they deal with safety-related defects." Hyundai vowed to make improvements to how it handled safety issues after the fine. In 2015, the company retained former U.S. Transportation Secretary Ray LaHood as an adviser on safety issues.

Hyundai reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.

Hyundai predicts 250-mile electric vehicle by 2020

Hyundai will start selling a battery-electric version of its Ioniq in the US later this year, but the company is ready for much more. Hyundai is forecasting having an EV with a 250-mile single-charge range by the end of the decade. Hyundai executive Ahn Byung-ki told Automotive News that, while electric-vehicle technology development has been steady during the past six years, it will accelerate during the next two. Think of it as the "hockey stick" effect, but for South Korean automakers instead of Silicon Valley tech giants or Canadian hockey players. The Ioniq, which will also get plug-in and hybrid variants, will have a single-charge range of 110 miles when the EV version arrives in November. After that, Hyundai and its Kia and Genesis sister companies may develop a 200-mile range EV for 2018, and then that 250-mile-range car for 2020. Byung-ki isn't concerned that the Ioniq will quickly be outdated because the longer-range vehicles will also be priced higher. The Hyundai executive also said the company had no plans to take on Tesla Motors in the luxury EV market. The Ioniq EV was unveiled at the New York Auto Show this past March. A hybrid version of that sedan debuted in South Korea in January, while the EV went on sale in South Korea last month. Overall, Hyundai, Kia, and Genesis are planning to introduce 10 hybrids, eight EVs, eight plug-in hybrids, and two hydrogen fuel-cell vehicles by the end of the decade. The Hyundai group's only electric vehicle currently sold in the US is the Kia Soul EV, which has a single-charge range of 93 miles as well as some dancing hamsters in its commercials. Neither the Tesla Model 3 nor the Chevrolet Bolt can make that second claim. Related Video: