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Hyundai, Kia announce buyback plan for angry Korean investors

Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.

2016 Hyundai Tucson First Drive [w/video]

For most of us, September 2009 doesn't seem like that long ago. We had the same president, carried Apple iPhones, and were even paying roughly the same amount for a gallon of gas. For Hyundai, though, this particular month was when everything began to change, thanks to the introduction of "fluidic sculpture" and the second-generation Tucson. The swoopy, handsome styling introduced on the Tucson infiltrated the rest of the brand's offerings, starting with the Sonata sedan and filtering through. In the process, Hyundai raised its flag not as a manufacturer of ultra-affordable utilitarian transport, but as a company that builds fashionable, well-equipped, and high-quality cars. While it's no secret Hyundai is in a better place than it was nearly six years ago, the importance of the Tucson has grown substantially. Much as the second-gen model helped to signal Hyundai's arrival as a global player, the company hopes the third generation will mark its entry as one of the industry's premier crossover builders. Based on a day of driving around some of Minnesota's 10,000 lakes, we think that's an attainable goal. According to Hyundai's research, the Tucson is viewed as "sporty, stylish, and modern." Targeting that first notion is the new 1.6-liter, turbocharged Gamma four-cylinder, which sits under the hood of Eco, Sport, and Limited models. The single-scroll turbo allows the tiny four to deliver 175 horsepower and 195 pound-feet of torque. There's also a 2.0-liter, naturally aspirated four-cylinder for the base SE, with 164 hp and 151 lb-ft of torque, although we weren't able to score any time behind the wheel. Look for more on the base Tucson in the near future. The turbo, though, is shockingly quiet at idle, and isn't too bad as it climbs the tachometer. North of 6,000 rpm, though, it's loud, buzzy, and unpleasant. Even with the turbo's peak twist available from 1,500 to 4,500 rpm, there's little hiding the maximum curb weight of 3,710. After a smidge of lag, initial torque comes on strong, although the weight of this compact crossover soon overwhelms what power is available. That'd be a problem were it not for the new seven-speed, dual-clutch transmission. Paired exclusively with the 1.6-liter turbo (the 2.0-liter gets a traditional six-speed auto), the dry-clutch gearbox is able to deliver smooth but quick changes, particularly at engine speeds below 5,000 rpm.

Rivian R1T, Mini Cooper Electric owners happiest with their EVs

The J.D. Power 2023 U.S. Electric Vehicle Experience (EVX) Ownership Study is out, and there's change at the top. With the swelling adoption of electric vehicles in the U.S. over in the past two years especially, the third year of the EVX study changes focus to first-time EV buyers. Those two factors encouraged change at the top of both premium and mass-market segments. Among premium EVs, the Rivian R1T pickup scored overall victory in its first year of eligibility with a satisfaction score of 794 out of 1,000. The Tesla Model 3 takes second place with 759 points. Tesla had won the top two premium spots in the study in 2021 and in 2022. The average score in the premium segment was 756. The Tesla Model Y (754), Audi E-Tron (735), and Polestar 2 (724) filled out the list of the five eligible models this year. Among the ten eligible mass-market vehicles, the Mini Cooper Electric nabbed the overall win by scoring 782. The Kia EV6 came second with 762 points, keeping Kia in the top two; the Kia Niro EV won the mass-market segment the previous two years. The Ford Mustang Mach-E (742), Hyundai Ioniq 5 (738), and Volkswagen ID.4 (735) completed the top five, the Niro EV (733) in sixth. All were above the segment average of 730. The four models fell below the segment average were the Ford F-150 Lightning (723), Chevrolet Bolt EUV (716), Chevrolet Bolt (711), and Nissan Leaf (698). How are the scores derived? J.D. Power worked with EV app maker and research firm PlugShare to get owner responses in ten areas: accuracy of stated battery range; availability of public charging stations; battery range; cost of ownership; driving enjoyment; ease of charging at home; interior and exterior styling; safety and technology features; service experience; and vehicle quality and reliability. Brent Gruber, executive director of the EV practice at J.D. Power, said, "Recent vehicle launches from both new brands and traditional automakers have had a profound effect on what factors are most important in the ownership experience. Today’s EV owners are looking for quality, reliability, driving enjoyment, safety and technology features." The Mini, in fact, scored highest of any premium and mass-market EV in the studyÂ’s highest-weighted index factor, quality and reliability.