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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.

NHTSA looking into non-Takata airbag shrapnel case

The global airbag inflator recall from Takata has been one of the biggest topics in auto safety for months. Now, the National Highway Traffic Safety Administration is opening a preliminary evaluation into the components from Arc Automotive to investigate whether two reported ruptures and two injuries signal a wider problem. So far, only the 2002 Chrysler Town & Country and 2004 Kia Optima are believed to be affected. If a safety campaign is deemed necessary, it could cover an estimated 420,000 of the minivans and 70,000 of the Korean sedans. NHTSA first noticed these ruptures in December 2014. The agency received a complaint of a 2009 case in Ohio about the bursting of the driver's side inflator in a 2002 Town & Country. According to the report, the incident broke the woman's jaw and sent shrapnel into her chest. The government investigated the case, and this was found to be the only known occurrence in these vehicles. The analysis indicated the part's gases were possibly blocked somehow and caused the component to explode. FCA US spokesperson Eric Mayne told Autoblog that the company is "cooperating fully" with NHTSA. "Also, we no longer use that inflator," he said. A second incident came to NHTSA's attention in June 2015 with the driver's side rupture in a 2004 Optima in New Mexico. The agency lists fewer details about the case, and a root cause isn't known. This is also the only currently known example in a Kia vehicle. According to a statement from Kia to Autoblog, "We are taking this matter very seriously and support NHTSA's action and will continue working cooperatively with the agency and suppliers throughout the process." Arc's components are sealed within a steel housing that's meant to protect them from "external atmospheric conditions," according to NHTSA. Multiple suppliers also use them. In the Chrysler, the airbag module came from Key Safety Systems and from Delphi in the Kia. In a statement to Autoblog the company said, "We have received NHTSA's notification and are cooperating fully with its Preliminary Evaluation." At this time, NHTSA admits that it doesn't know for certain whether these two cases are linked. The agency is conducting this preliminary evaluation to learn more.

2016 Kia K900 introduces new 3.8-liter V6 base model

Kia has announced a series of updates to its K900 flagship sedan. Some of the enhancements applied to the 2016 model are more significant than others. The biggest news here is the arrival of a new V6 base model. Previously available Stateside only with the V8, the 2016 Kia K900 will now be offered with an all-new 3.8-liter V6 engine option, good for 311 horsepower. That base model still includes navigation, a leather interior, and a panoramic sunroof as standard equipment – just with a smaller engine to move it all. No changes were announced for the 5.0-liter V8, which is quoted at 420 hp. Revised pricing and realigned trim levels place the base Premium V6 model at $49,950, the Luxury V6 at $54,950, and the top-of-the-line Luxury V8 model at $62,850. This compared to $56,350 base MSRP that Kia charged for last year's eight-cylinder model. A $950 destination charge is included in all of those prices. Some stylistic changes have been made to the K900 as well, including new 18-inch wheels for the V6 model (19 for the V8), a new front grille, and updated rear-end styling that includes chrome trim, new exhaust pipes, taillights, and rear bumper. New equipment includes a hands-free trunk lid and optional autonomous braking system, along with a new 9.2-inch infotainment display and a system that can operate the ignition, door locks, and climate control from a remote smartphone app. The arrival of the new K900 (known as the K9 back in Korea) coincides with the emergence of a more substantially updated Cadenza (known domestically as the K7). Along with the refreshed Kia premium sedans, Hyundai is separating its luxury lineup into the new Genesis sub-brand. Between them, the Korean automaker aims to take a larger slice of the pie from the usual upscale suspects from Japan, Europe, and these United States. Will this entry-level model move the needle much further? Probably not, but we'll see. 2016 K900 OVERVIEWKia's Luxury Flagship Sedan Adds more Features, Technology and Style - 2016 K9001 receives all-new V6 powertrain - First-class interior and exterior enhancements continue to set K900 apart from segment IRVINE, Calif., November 23, 2015 – The K900 continues to challenge conventional notions of luxury as it did in 2015 when it earned the "International Car of the Year" award by Road and Travel Magazine and set a record-high score in its segment to earn AutoPacific's Vehicle Satisfaction Award (VSA).