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Hyundai Motor shares slide following U.S. probe of airbag failures

SEOUL — Shares in Hyundai Motor tumbled on Monday on a U.S. probe into why airbags failed to deploy in some of its Sonata sedans, with investors fretting about potential recall costs for the once popular cars. The probe, which follows crashes that reportedly killed four people and left six injured, will review the 2011 Sonata sedan as well as the 2012-2013 Forte made by affiliate Kia Motors, encompassing some 425,000 vehicles. It marks the second investigation by the U.S. National Highway Traffic Safety Administration into the South Korean duo in less than one year, exacerbating headaches for Hyundai which reported in January its worst annual earnings in seven years. Hyundai has issued a recall for more than 150,000 U.S. Sonatas after incidents of non-deployment were linked to electrical overstress in the airbag control unit, but said it did not have a final fix. "What I am concerned about is that the recall will be expanded to other markets," said Ko Tae-bong, an analyst at Hi Investment & Securities. The Sonata and Forte sedans were responsible for driving sales for Hyundai and Kia in key markets in recent years, although they are no longer as popular as they once were. Ko estimated the U.S. recall could cost as much as $575 million if airbags were replaced in 425,000 vehicles under review and the automakers were found responsible for the problem. Hyundai Motor shares tumbled 4.8 percent while Kia Motors lost 3.7 percent. Parts supplier Hyundai Mobis fell 5.4 percent while the broader market was down 0.7 percent. Hyundai declined to comment on whether the recall would be expanded. Kia said it has not confirmed problems with the airbags but added it would "act promptly to conduct a safety recall, if it determines that a recall would be appropriate." The automakers told the South Korean regulator that the Sonata and Forte models sold in the domestic market were not affected, an official at South Korea's transport ministry told Reuters. The U.S. regulator said the airbag control units were built by ZF Friedrichshafen-TRW, a German auto supplier that acquired TRW Automotive in 2015, adding that it would determine if any other manufacturers used similar airbag control units and if they posed a safety risk. The NHTSA also said that electrical overstress appeared to be the root cause in the 2016 recall by Fiat Chrysler America of 1.4 million U.S. vehicles for airbag non-deployments in significant frontal crashes.

Kia negotiating to build $1.5B auto plant in Mexico

After a string of recent announcements from automakers, Kia may be the next business to break ground on a factory south of the border. The Korean company is reportedly nearly finished with negotiations to build a $1.5-billion plant near the city of Monterrey in the Mexican state of Nuevo Leon. The state's secretary of economic development confirmed the news to Reuters and anticipated talks to be completed in the first two weeks of August. Unnamed insiders also said that the location was aiming for an annual production capacity of 300,000 vehicles.
Rumors from a month ago first suggested the possibility of the new factory. It would reportedly build two models of small cars, and assembly could potentially begin as soon as 21 months after breaking ground. Currently, Kia only has one North American plant, in Georgia, that builds the Sorento and Optima.
In the last few years, Mexico has become of hotbed of North American automobile production. Mazda, Honda and Volkswagen all recently opened new or expanded factories to build cars there. There are even more on the way with a joint venture plant from Mercedes-Benz and Infiniti and BMW's announcement of its own $1 billion undertaking in Mexico.

Limited-edition Kia Stinger GTS gets all-wheel drive with a drift mode

The Kia Stinger is currently available with either rear-wheel drive or all-wheel drive, each with fairly distinct characters. With the limited-edition Stinger GTS, Kia wants to blend the best parts of each and create a third option for buyers: Drift Mode. Although the GTS will still be available as RWD or AWD, the all-wheel setup is focal point of the new limited-edition model. Revised to integrate "rear-wheel DNA," the new D-AWD system features a mechanical limited-slip rear differential for improved traction and power distribution. Kia also says the control logic has been tuned with a new transmission shift pattern, improved stability control, better slip control, and countersteer detection. The D-AWD-equipped Stinger GTS will have three different driving modes: comfort, sport, and drift. Comfort mode sends 60 percent of power to the rear, sport mode sends 80 percent to the rear, and drift mode gives the rear wheels 100 percent control. Drift mode will also hold gears to maintain power. No powertrain alterations will be made, as the GTS will get the 365-horsepower twin-turbo 3.3-liter V6 that pairs with an eight-speed automatic transmission. The rest of the changes aim to make the GTS feel slightly aftermarket. It gets an exclusive Federation Orange paint job, a Stinger emblem on the rear, and a rear GTS badge. Kia also gave the GTS real carbon fiber on the hood, side mirror caps, and side vents. Inside, the GTS is equipped with a Chamude headliner, an Alcantara steering wheel and center console, a wireless smartphone charger, a 720-watt Harmon/Kardon sound system, and a sunroof. Kia plans to start production of the GTS this spring and is limiting the run to 800 units. The RWD model starts at $44,995, and the AWD model starts at $47,495. Featured Gallery 2020 Kia Stinger GTS: New York 2019 View 14 Photos Related Gallery Kia Stinger GTS View 16 Photos News Source: KiaImage Credit: Live photos copyright 2019 Drew Phillips / Autoblog.com New York Auto Show Kia Hatchback Performance Sedan 2019 new york auto show drift mode