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Genesis luxury sedan range to get its own U.S. dealership network

Hyundai is informing its dealers that its 2-year-old luxury brand Genesis is ready to fly the coop. The company says it will focus in 2018 on building out a network of around 100 Genesis retailers with the goal of eventually operating standalone facilities to better distinguish the high-end brand. First dibs on applications for the new franchise licenses will go to existing dealers who also sell Genesis in "defined key markets," the company says. New Genesis showrooms will initially operate from temporary or shared facilities, with standalone facilities taking shape over the next three years. "At Genesis, we believe in putting our customers first and giving them a proper ownership experience," Erwin Raphael, general manager of Genesis Motor America, said in a statement. "To ensure that happens, we need to take this next step in the separation of the Genesis brand from our parent company." Genesis earlier this month announced the opening of its first headquarters-owned standalone showroom in the Gangnam business district of Seoul, South Korea. The two-story facility flips the script on typical dealerships by limiting exposure to the products from the outside "to maximize a private and personal setting that enhances the interaction between the customer and the product." The showroom also incorporates the brand's scent and sound, and it features a private Launch Bay for test drives and engagement with the vehicles via the virtual reality-based Genesis Virtual Guide. Hyundai launched Genesis as its standalone luxury nameplate in December 2015, though the Genesis had been a Hyundai sedan model name for several years prior. At the time, it said it planned six models by 2020. Most recently, we heard that Genesis is planning a third crossover for 2021, plus its long-planned electric car in the same year. Sales of its G80, G80 Sport and G90 in the U.S. nudged above 20,000 last year. It recently launched the G70, an entry-level compact sedan.Related Video:

2013 Hyundai Elantra GT

GT Stands For "Generous Trunk"
If ever there were an award for the most bastardized label in the automotive world, the Gran Turismo/Grand Touring/GT moniker would be an easy frontrunner. Once reserved solely for sporty coupes, the GT letters have taken a big hit over the years, but things got downright embarrassing with the BMW 5 Series Gran Turismo. For 2013, Hyundai is helping to muddy the waters even further by slapping a GT badge onto the hatchback version of its top-selling model, the Elantra.
In the case of the 2013 Hyundai Elantra GT, though, this name is just recycling the Elantra GT name from the early 2000s, albeit on a more stylish, modern and all-around better five-door. Hyundai has created quite a competitive lineup since its Fluidic Sculpture design language hit the market, but one area that it has paled in comparison to rival automakers is in the hatchback department. With a plethora of budget-minded compact cars currently on sale, Hyundai now finds itself in the unique position of being the only automaker to offer a compact sedan, coupe and hatchback with the 2013 Elantra. Still, with the compact segment more crowded than a public school classroom, we spent a week with the new Elantra GT to see how it stacks up against the hatchback competition.

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.