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Hyundai previews Ioniq with choice of electric powertrains

Hyundai is giving us our first glimpse at its upcoming dedicated electrified model. Called the Ioniq, it's set to debut next month in South Korea, and offer a choice of three powertrain options with varying levels of dependence on electric and gasoline power. All the while, Hyundai promises it will deliver an "entertaining drive alongside class-leading fuel economy and appealing design." Depicted in the teaser image above and detailed in the press release below, the Hyundai Ioniq will be offered as a gasoline/electric hybrid, plug-in hybrid, or pure EV. It will compete against hybrids like the Toyota Prius and Chevy Volt as well as all-EV models like the Nissan Leaf and Tesla Model S. The Ioniq is being built on a new platform, designed to deliver sporty handling and efficient propulsion – something which Hyundai characterizes as lacking in the segment. Further details have yet to be announced, but the Ioniq is set to debut in Korea come January. Subsequent motor show debuts are scheduled for Geneva and New York in March. By that time we hope to have more details on the Korean automaker's first dedicated hybrid/EV. Related Video: HYUNDAI MOTOR INTRODUCES IONIQ, THE FIRST CAR TO OFFER A CHOICE OF THREE ELECTRIFIED POWERTRAINS - A world first - electric, plug-in hybrid and hybrid powertrains available in a single body - The IONIQ breaks hybrid stereotype by delivering entertaining drive alongside class-leading fuel economy and appealing design - Global launch set for January 2016 in Korea, followed by Geneva and New York auto shows, an important step as Hyundai Motor works to be global green car market leader High Wycombe, 7 December 2015 – Hyundai Motor has announced the name of its advanced, alternative-fuel compact vehicle due for launch in 2016: the Hyundai IONIQ. The car will be available with electric, plug-in gasoline/electric hybrid, or gasoline/electric hybrid powertrain – the first car from any manufacturer to offer customers these three powertrain options in a single body type. As part of Hyundai Motor's ambition to chart the direction of future mobility, the IONIQ responds to rapidly changing customer lifestyles by breaking the mold for hybrid vehicles. As the world's first model to offer customers the choice of three powertrain options, the IONIQ combines class-leading fuel efficiency with a fun, responsive drive and attractive design - a unique mix not yet achieved by a hybrid vehicle.

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.

Hyundai closes the books on fuel economy litigation

Hyundai-Kia ended up with a lot of kimchi on its face in 2012 when it admitted it had mistakenly exaggerated fuel economy estimates on several 2012 and 2013 model-year offerings like the Hyundai Accent, Veloster and Elantra and Kia Soul. Before the admission a lawsuit had been filed by an entity called Consumer Watchdog, afterward there were "approximately 53" lawsuits filed in federal court that were eventually consolidated into one case in a California Central District court.
The companies apologized profusely and gave customers prepaid gas cards that they could refill with funds for as long as they own their vehicle, as well as perks like free car washes and routine maintenance services. The company has just announced that it has reached a preliminary settlement of the case by adding another method of reimbursement, a lump sum payment that would free drivers from having to go back to the dealership to have their mileage verified for debit card refills.
Assuming the preliminary agreement is approved by the judge, customers could choose the lump sum or the cards. The settlement's value could be as much as $210 million, but the exact number depends on which program plaintiffs choose. On average, affected customers will receive $353. Approval could come in "early 2014," after which Hyundai will notify customers. You'll find more particulars on the potential settlement in the press release below.