2003 Kia Sedona Ex Mini Passenger Van 5-door 3.5l on 2040-cars

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Hyundai, union reach tentative labor deal

According to Reuters, South Korea's labor unions may have reached a tentative deal with Hyundai following a compromise between the two sides on wages. Workers have staged a number of stoppages since August 20, which have cost the South Korean giant 1.02 trillion won - around $1.1B US. It also represents just over 50,000 units of production. That vehicle total sounds like a lot, but it's a small enough figure that Hyundai can apparently catch up with weekend and overtime shifts. We'd wager that this is why US inventories haven't been hit quite so hard aside from the battering already taking place. The proposal will now go before the union's rank and file.
If ratified, the new agreement will see workers getting a 5.14-percent raise in base salaries, along with 8.5-million-won (roughly $7,800) bonuses. Those concessions are a far cry compared to what the union was initially demanding, though. Early proposals included a 56.25-gram gold medal for each employee (worth about $2,400) and a 10-million won bonus (about $9,100) for employees whose children chose not to attend college. The union also sought a bonus worth two months' salary for workers that have been with the company for over 40 years, but this was negotiated down to a flat rate of six-million won ($5,464).
Based on Reuters' report, the work stoppages must have taken a real toll on Hyundai - its domestic sales dropped 20 percent last month, while exports were down nine percent. Those startling figures must have put some fire under the Hyundai bargaining team.

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 Sportage crossover is feeling 'Sporty' with 2020 refresh

The 2020 Kia Sportage crossover, which has been spied testing on the Nurburgring of all places, gets unveiled this week at the Chicago Auto Show. The 2020 model year marks a light visual refresh for the 2017-on Sportage generation, and among other details, it's recognizable from updated bumpers front and rear. The headlights have been discreetly redone, offering available LED technology, and they also incorporate LED turn signals on select trim levels. In addition, the fog lights are also available with LED. The taillights also have new trim, and there's a redesigned skid plate on both bumpers. You can also spot the 2020 Sportage from a new selection of alloy wheels in 17-, 18- and 19-inch sizes. Inside, the 8-inch touchscreen is standard, with Apple CarPlay and Android Auto capabilities. Modem-enabled telematics and navigation are optional, as is a wireless smartphone charging tray. The steering wheel is a new design, and "Sofino" leather trim is a new option. For 2020, the optional driver assists have been updated to include attention warning, lane keeping assist, high beam assist, adaptive cruise, start-stop and a forward collision assist with pedestrian detection. The cruise control radar is visible in the middle of the tiger-nose grille, below the Kia emblem. The powertrain continues as previously, with a naturally aspirated, 181-hp 2.4 and a 2.0-liter, 240-hp turbo four on offer, and a choice of FWD or AWD to go with the standard six-speed automatic. No mild hybrid has yet been announced, but we're expecting it to appear later on — sans diesel power. As for the trim levels, there's a new S level joining previous LX, EX and SX trims, and according to Kia, S stands for "Sporty"; it features sporty trim both inside and outside. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.