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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.

High-performance 2019 Kia Forte spied with dual exhaust

The 2019 Kia Forte compact sedan introduced at the Detroit Auto Show earlier this year showed off a handsome, subtly aggressive exterior inspired by the Stinger. But the sporty exterior was betrayed by a simply adequate powertrain: a naturally aspirated 2.0-liter four-cylinder engine making 147 horsepower. Now, one of our spy photographers has caught a disguised Kia Forte out testing that has a number of visual changes suggesting it's a more powerful version of the Forte. It might be called the Kia Forte GT to fit the Stinger's nomenclature, or Kia Forte SX to follow the naming scheme of past punchier Fortes. The most notable of this Forte's visual enhancements is its dual exhaust outlets. All versions of the current Forte have just one exhaust outlet on the right side and more exhausts usually mean more power. Along the side, the body and side skirts are the same as regular Fortes with the more aggressive body kit. But up at the front, we can see some adjustments under the camouflage. The upper grille appears to be larger, with bottom corners that push out lower and wider than on the basic car. The lower grille also looks a bit taller, and seems to have larger fog lights mounted farther inward than the regular Forte. View 20 Photos As for what might power the newer, peppier Forte,the likeliest candidate is the 201-horsepower turbocharged 1.6-liter four-cylinder found in the Hyundai Veloster Turbo and Hyundai Elantra Sport. As discovered by The Korean Car Blog and someone going by SHM, there is information saying that the Korean version of the Forte will indeed have that turbo engine paired to either a six-speed manual or seven-speed dual-clutch automatic transmission. This wouldn't be surprising given that the new Forte shares its naturally aspirated engine with the base Elantra and Veloster. A version of that turbo engine was also used in the outgoing Forte SX models. Since the new Forte has been revealed and will go on sale later this year, we expect we'll hear about this high-performance version sometime early next year, with a release not too long after. Related Video: Featured Gallery 2020 Kia Forte GT spy shots News Source: The Korean Car Blog, SHMImage Credit: KGP Photography Spy Photos Kia Economy Cars Performance Sedan kia forte

Kia Telluride spy shots reveal crossover's grille

The Kia Telluride seems to be making steady progress on its way to production, as evidenced by these new spy photos. The large crossover SUV was spied testing with much less camouflage than the last time we saw it. So little that we get a pretty clear picture of the front fascia and what appears to be a production grille and front bumper, unadorned with fake bodywork. Notably, the Telluride still retains much of the square, blocky design shown on the 2016 concept, such as in its tall, sheer nose. But it has softened in a number of ways. The grille is much broader and curves back toward the headlights. It also has a bit of a sweep upward, which is exaggerated by the additional opening below the grille. The headlights have also increased in size compared with the concept, particularly vertically. They also wrap around the fender instead of being inset. Moving around to the sides and the rear, there's more camouflage, but we can spot some details taken directly from the concept. One of them is the chrome trim surrounding the windows that has a little extension up the B-Pillar. The rear taillights are also heavily inspired by the concept's inverted "L"-shaped lights. Unlike the concept, the production lights appear to span the full width of the rear hatch. As for when we'll see the production Telluride, we would estimate within a year. A report from January implied that we would be hearing an announcement in the near-future regarding the new family crossover, and this latest prototype is looking pretty close to production specification. Hyundai seems to be on its way to releasing its own version of the three-row SUV, possibly styled after the Grandmaster concept, for 2019 or 2020. Related Video: