Optima Sx Turbo Pano Roof Cooled Seats Nice! on 2040-cars

Auto blog

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.

Kia Australia confirms a pickup truck is in the works

Reports continue to indicate that there will be a Hyundai pickup truck, but this bit of news is about the potential of a Kia pickup. After all, if Hyundai does it, why can’t its corporate cousin Kia get a slice of the pie, too? WeÂ’ve heard rumors of a Kia truck before, but this report is much more definitive about the projectÂ’s existence. Damien Meredith, the Chief Operating Officer of Kia Australia told CarsGuide that the Kia pickup is a go. “Work has begun,” Meredith says. “WeÂ’re talking about a dual-cab, a single cab. What weÂ’ve requested is the full gambit (sic) for the ute, and that (includes) a dual cab with diesel and petrol.” Of course, this is Kia Australia talking. ThereÂ’s no one suggesting that any Australia-specific Kia truck would make it to the United States, but itÂ’s intriguing to know the designers and engineers are on the job. We didnÂ’t previously know that there would be a Kia pickup, but now Meredith is saying it will likely be arriving around 2022 or 2023. The latest on HyundaiÂ’s pickup is that itÂ’ll be launching in 2020, but Hyundai hasnÂ’t confirmed anything yet. Meredith also touted that the Kia pickup wouldnÂ’t be a “lifestyle vehicle,” but more of a serious pickup truck. Would Kia actually make a body-on-frame pickup to compete against trucks like the Ford Ranger or Toyota Hilux in other markets? ThatÂ’s certainly nothing like what we think the Hyundai Santa Cruz pickup is going to be like. That's expected to be a unibody pickup, similar to the Honda Ridgeline in stature and drivability. The more we read into this, the more this pickup is looking like a body-on-frame utility vehicle for markets outside the United States. Kia could sell the truck in Asia, Australia and other markets where the international version of the Ranger and Hilux are offered. Will it ever see the U.S. market if this is the case? Probably not. Although the Ranger ended up here, it did so after substantial re-engineering. The Hilux and other trucks like the VW Amarok remain for other countries only. We'd expect the Kia truck as described by Meredith to be so as well. 

Weekly Recap: Kia leads Korea's quality surge

The rapid rise of Korea's auto brands in the US market has been apparent on the sales charts for several years, and now it's showing up in an area that's just as crucial: quality. Kia and Hyundai earned the highest rankings among mainstream brands in the J. D. Power Initial Quality Study released on Wednesday. The study tracks problems owners report during the first 90 days they own their car. Kia reported 86 problems per 100 vehicles, or fewer than one problem per car sold, to take second in the rankings behind luxury sportscar-maker Porsche (80). Kia's score improved by nearly 20 percent compared with the 2014 study. "The big industry story is Kia," Renee Stephens, vice president of U.S. automotive quality at J.D. Power, said in a video statement, noting Kia's infotainment systems were the key reason for its improved performance. Hyundai was fourth for the second straight year, though its score actually worsened by one, to 95. Even with Hyundai's slight dip, Korean quality increased 11 percent, according to the study, which far outpaced American and European companies' three-percent increases. Japanese brands improved one percent. Hyundai Motor Co. (parent company of the Hyundai and Kia brands) captured four individual vehicle awards, which tied for the most with General Motors, Nissan, and Volkswagen. "The Korean brands have really taken off," Stephens said. "There's movement in the industry, and the patterns are shifting." Another luxury brand, Jaguar (93 problems), slotted in between Hyundai and Kia in third place. Infiniti was fifth, followed by BMW. Chevrolet was the highest domestic brand, taking seventh place, followed by Lincoln, Lexus, and Toyota, which were all well above the industry average of 112 problems per 100 vehicles. OTHER NEWS & NOTES Kirk Kerkorian dead at 98 Kirk Kerkorian, a billionaire activist investor who wielded enormous influence on the Detroit Three car companies in the 1990s and 2000s, died Monday. He was 98 years old. Kerkorian made headlines in 1995 for trying to take over Chrysler – with the help of former chairman Lee Iacocca – before being fended off by Chrysler management. His takeover attempt ultimately pushed Chrysler to be sold to German giant Daimler. He tried to buy Chrysler again in 2007 when Daimler put Chrysler on the market, but Kerkorian fell short and the automaker was sold to private equity firm Cerberus.