2007 Kia Rio Lx Sedan 4-door 1.6l on 2040-cars

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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 calls reports of second US plant 'groundless'

In discussing how Kia planned to use a focus on quality to raise its brand perception and take the fight to BMW and Audi instead of Toyota, a recent article in Automotive News Europe said one of the primary constraints was production capacity; Kia simply doesn't have the ability to make enough cars to meet its aims with the plants it has.
The CEO of Hyundai-Kia is said to be reluctant to build more plants because of that focus on quality and the fact that its suppliers are stretched to the limit. The effects of that position are being felt right now with both makers losing market share, as in the case of Hyundai not being able to make enough of its Veloster Turbo for the US market.
A South Korean newspaper apparently reported last week that Kia was planning to build a second factory in Georgia with capacity for up to 150,000 units annually, and that the company would break ground as soon as this month on "KMMG2." Kia has responded to the news by saying, "The report is all groundless." The mayor of West Point, site of the current KMMG plant, said he didn't know anything about such plans, nor did the Georgia department of economic development have knowledge of a new Kia factory.

Kia builds one millionth vehicle in the US

Kia Motors Manufacturing Georgia, Inc. (KMMG), the plant that produces the Kia Sorento crossover and Optima sedan, celebrated today as a Snow White Pearl 2014 Sorento SXL rolled off the assembly line at the 2,259-acre site, marking the one-millionth Kia to be produced on US soil.
Located in West Point, Georgia, KMMG was Kia Motors America's first manufacturing plant in the US and represented an initial investment of $1 billion. The plant started producing the 2011 Sorento on November 16, 2009 and is responsible for the creation of 11,000 jobs in West Point and the surrounding region. Production of the Optima sedan, Kia's best-selling car in the US for the past 18 months, started at the factory in 2011, and, in 2012, the completion of a $100 million expansion upped annual vehicle production capacity to 360,000.
"Building one million vehicles in less than four years is a tremendous achievement and one that each one of our more than 3,000 team members can take great pride in," said Byung Mo Ahn, Group President and CEO for Kia Motors America and KMMG.