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Hyundai Motor heir Euisun Chung takes over from father after 20 years in waiting

SEOUL — Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, cementing his succession from his octogenarian father in a move likely to give impetus to the world's fifth-largest automaker's push into electric vehicles and flying cars. In the first generational handover at the South Korean automobile giant in 20 years, Chung, 49, said he hoped to lead change at South Korea's second-biggest conglomerate as it battles to stay ahead of the pack in a time of rapid technological innovation in the global auto industry. "Carrying on their bold and innovative legacies, I feel privileged, yet also a sense of great responsibility for opening a new chapter of Hyundai Motor Group," Chung said in his inauguration speech to employees. Chung identified autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM) — industry jargon for flying cars — as his initiatives for the future. Hyundai Motor shares were trading up 0.3% after rising as much as 2.5% after the appointment, while the wider market was down 0.6%. Kia Motors and Hyundai Mobis fell 1.6% and 1.1%, respectively.   Legacies Hyundai Motor Group earlier on Wednesday said Chung had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman. Key affiliates of Hyundai Motor Group, including Hyundai Motor, endorsed his inauguration unanimously. The appointment makes Chung the latest third-generation leader to take over one of South Korea's family-led conglomerates, which have been credited with lifting the war-stricken country out of poverty since the 1950s. His father took the wheel of the group in 2000 and transformed the company, once mocked for poor vehicle quality, into the world's No.5 automaker. The 82-year-old has been stepping back from frontline operations in recent years, and gave up his board seat in Hyundai Motor earlier this year. Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman. Hyundai Motor Group invested $1.6 billion in a self-driving technology joint venture with U.S. Aptiv, forged a partnership with Uber on electric air taxis and invested in ride-hailing firm Grab. In July, Chung set a goal to win more than 10% of the global market for battery EVs by 2025.

Hurricane Sandy cost automakers 15,000 vehicles, may have ruined up to 200k

Hurricane Sandy was the largest Atlantic storm in US history, and its total economic impact is just now coming into view. According to Automotive News, Toyota, Chrysler, Nissan and Honda are set to scrap around 15,000 new vehicles ruined by the storm. Nissan alone accounts for about 40 percent of those, with 6,000 Nissan and Infiniti models deeded "un-saleable" due to damage. The company saw 56 dealerships shuttered due to the storm, but 51 of those have since reopened.
Toyota, meanwhile, had some 4,000 vehicles at its Newark port facility, and of those, 3,000 may be scrapped. An additional 825 were dealer inventory when they were ruined. Honda and Acura dealers are reportedly sending 3,440 vehicles to the salvage yard. By comparison, Chrysler weathered the storm fairly well with 825 units destroyed, while Hyundai suffered only 400 lost units and Kia scrapped around 200.
As you may recall, Fisker also suffered some losses, and Automotive News reports the manufacturer saw 320 Karma models damaged beyond repair. Ford and General Motors have yet to come up with estimates, and no automaker has commented on the full cost of replacing the vehicles.

2018 Hyundai Accent vs subcompact sedans: How it compares on paper

Hyundai first revealed the new 2018 Hyundai Accent a few months ago, but that debut was in Canada for the Canadian-market car. We didn't get our look at the U.S. version until just recently, which is when we also finally got plenty of specifications on the little car. So as we did with the Genesis G70, we've brought you a breakdown of the Accent's specs and some of the segment's best and most popular: the Nissan Versa, Kia Rio, Chevrolet Sonic and Toyota Yaris iA. Before we get to the chart, let's give you a quick reintroduction to the 2018 Accent. The subcompact is completely new this year, and under the hood is again a naturally aspirated 1.6-liter four-cylinder engine. It makes 7 fewer horsepower and 4 fewer pound-feet of torque than the outgoing model with totals of 130 horsepower and 119 pound-feet. This drop in power probably won't be noticeable, though. It's also available with either a manual or automatic transmission, both featuring six speeds. Fuel economy hasn't been announced, but the Rio's numbers below are probably a good indicator as they share powertrains. The one thing that isn't available with an Accent is a hatchback. According to Autoweek, the hatchback was canned with the assumption that hatch buyers would simply purchase an example of the upcoming Kona crossover. But if you want a traditional subcompact hatch from South Korea, Kia is happy to oblige, as the Rio is still available as a hatchback. Learning that the Kona may have killed the Accent hatch causes us to wonder if Kia brought the Rio hatch to the U.S. because it wasn't planning on offering the Stonic. Related Video: News Source: Hyundai, AutoweekImage Credit: Hyundai Chevrolet Hyundai Kia Nissan Toyota Sedan nissan versa hyundai accent kia rio toyota yaris ia