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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.

Kia hires Morpheus from The Matrix for Super Bowl ad

News of the Kia brand's inclusion in this year's onslaught of Super Bowl ads got out in December of last year, but other than the fact that the coming K900 flagship would carry the day, we knew nothing about the spot. Now AdWeek has revealed that it is Morpheus - he of The Matrix and guru for The One - who will guide us into a previously inconceivable reality in which Kia is a luxury car maker.
What we'll get is a 60-second spot produced by David&Goliath agency, following Morpheus (played by the man who made him famous, Laurence Fishburne) as he does the thing he does best: presenting a choice to a couple at a valet stand, allowing them to choose a red key or a blue key and, Kia would certainly want us to believe by the end of an "unforgettable ride," the truth.
It's Kia's fifth straight trip to the Super Bowl so it knows what to expect, but the task Morpheus has this time - to free your mind concerning the K900 - could be a task just as large as defeating all the agents and sentinels seeking Zion.

Kia previews upcoming Niro hybrid crossover

Kia is gearing up to launch a new hybrid crossover. Called the Niro, it's touted as the first of its kind in South Korea. And here we have our first glimpse of what it will look like. Previewed in this pair of teaser renderings, the Niro will be a dedicated hybrid crossover. The automaker says that the powertrain will be based on a 1.6-liter version of Hyundai's Kappa engine producing 105 horsepower and 108 pound-feet of torque. That seems a little low to us for an engine that size, considering that the same size engine in the Rio produces 138 hp and 123 lb-ft, but we'll see how the final specs work out. It's slated to be paired to a six-speed dual-clutch transmission, an electric motor good for another 47 hp, and a 1.56-kWh battery pack. The hybrid powertrain will be packed into a compact crossover with what looks to be a fairly sleek design. Up front, you'll see the brand's signature tiger-nose grille, angular headlights, sculpted flanks, a relatively high belt line, and an aggressive rear end. Of course, the wheels on the final version won't fill the wheel wells quite as much, and you can expect them to be wearing narrower tires with low rolling resistance, as befits a dedicated hybrid. The Niro name was previously applied to a more rounded crossover concept unveiled at the 2013 Frankfurt Motor Show. The production model with its hybrid powertrain will form part of Hyundai-Kia's endeavor to reduce its average fleet fuel consumption by 25 percent by 2020. It's slated to launch in some markets in the first half of next year. Related Video: