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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.

New electric Kia spied, looks like the production version of the Imagine Concept

Last we heard, Kia had plans to bring forth a production version of the Kia Imagine Concept vehicle. These spy photos today suggest that the intel was good, and Kia is well on its way to transforming its concept into a production car. The shape and proportions of the heavily camouflaged car seen in photos here are the two most intriguing elements. From the side, this vehicle looks like a short, lifted wagon. One look at the Imagine Concept is all you need to know where this one is going, though. Its roof slopes further downward the closer you get to the rear of the car, and despite the black tenting, we can still see that it’s going to have a heavily raked rear window like the concept. In a nutshell, the best way we can describe this thing right now is a cross between a wagon and a “crossover coupe.” Kia called the concept a sedan, but the higher-than-normal ride height suggests something in the same vein as the V60 Cross Country. One other big element in all of this is its powertrain. The Kia Imagine Concept is an electric car, so we can assume that Kia is going to keep the production version of it electric. ThereÂ’s no sign of an exhaust hanging out under there. ItÂ’s a pretty safe bet that this camouflaged tester is electric, which will just add to the legion of electric cars Hyundai and Kia have on the way or at dealerships now. The last new electric car out of Korea that we spied was the 45, which is yet another EV based on a recent concept car. Assuming the coronavirus didnÂ’t knock the Imagine ConceptÂ’s timing too far off track, we expect to see it revealed in full in 2021. The concept was revealed in Geneva, so that would suggest that itÂ’s definitely bound for Europe. However, itÂ’s unclear whether Kia will also sell the vehicle here. With the illusion of it being a crossover, Kia might try its luck. If there are Kias it reminds us of the most, though, itÂ’s the XCeed and ProCeed. Obviously, we donÂ’t get either here, which is a shame because the new ones are rather attractive. We will hopefully have more concrete news on this car in the coming months or in 2021. Related video:

The Kia Optima is now available as a plug-in hybrid

The Kia Optima gets electrified two ways for 2017. In addition to the conventional hybrid, there's a new plug-in version as well – makes sense, since the Optima's corporate sister, the Hyundai Sonata is offered with both options. The new Kia Optima Hybrid ditches the larger 2.4-liter internal combustion engine from the previous model in favor of a smaller 2.0, good for 154 horsepower, and mated to a six-speed automatic transmission that does away with the torque converter in favor of an electric clutch, with electric water and oil pumps to help optimize efficiency. Working in tandem with the 38-kW electric motor and juiced by a 1.62-kWh lithium-polymer battery pack, the powertrain delivers a total of 193 horsepower while targeting a 10 percent improvement in fuel efficiency over the previous Optima Hybrid. Not enough? Tew Optima PHEV that uses the same 2.0-liter four, but instead of 38 kW (51 hp), the plug-in's electric motor produces 50 kW (or 67 hp), and instead of 1.62 kWh, the PHEV's lithium-ion battery pack is rated exponentially higher at 9.8 kWh. It's said to travel for 600 miles before needing to stop, or up to 27 miles on electric power alone. And of course it can be recharged directly from the socket, taking less than nine hours on 120 volts and less than three on 240. If those powertrain components sound familiar to you, that's because they're identical to those offered in the Sonata Hybrid and Plug-In Hybrid from Kia's sister brand Hyundai. Only here they're packaged into a more angular, less curvy form and capped by a Kia badge and tiger-nose grille. Interested? There's plenty more to digest in the pair of press releases below. View 10 Photos ALL-NEW KIA OPTIMA HYBRID UNVEILED AT 2016 CHICAGO AUTO SHOW Enhanced HEV Blends Sophisticated Design and Premium Driving Experience with Focus on Efficiency - New powertrain targets 10 percent improvement in fuel economy over outgoing Optima Hybrid - 2017 model infuses aerodynamic form and function into Optima's sleek, modern design - Gas-electric sedan touts intelligent use of technology to deliver comprehensive driver-assistance features CHICAGO, Feb. 11, 2016 – Kia Motors America (KMA) today unveiled the 2017 Kia Optima Hybrid (HEV) at the Chicago Auto Show.