2004 Kia Sorento Not Running No Reserve Auction on 2040-cars

Auto blog

South Korea assists auto industry struggling with coronavirus fallout

SEOUL —  South Korea said on Monday it would provide logistical and financial support to help its auto industry through the coronavirus crisis, warning of disruptions to supply chains from Europe and the United States. The government said it would speed up customs clearance, arrange freight transportation and provide liquidity support for the industry, which employs about 12% of South KoreaÂ’s workforce, according to official figures. The coronavirus pandemic has led to shutdowns at auto factories and dealerships in the United States and Europe, which are expected to affect South Korean automakers such as Hyundai and Kia. “ItÂ’s time to prepare for the shock of a global demand contraction and European supply issues,” Industry Minister Sung Yoon-mo said in a meeting with parts supplier executives and industry associations, according to a readout from the ministry. “Survival is the most crucial thing in this unprecedented crisis when both demand and supply contract at the same time.” The ministry gave no details on how much liquidity support the government would provide or what form it might take. The assistance is part of 50 trillion won ($39 billion) in emergency financing announced last week to boost the economy. South Korea has reported 8,961 coronavirus cases and 110 deaths from the disease. Hyundai Motor closed its Montgomery, Alabama, assembly plant on Wednesday after an employee there tested positive for COVID-19. It also suspended production at its plants in the Czech Republic and India due to the coronavirus outbreak. Europe and the United States account for about 70% of Korean automakersÂ’ exports, and 54% of Korean parts exports, government data showed. A trade ministry official said South Korean exports would deteriorate in April and May, after rising 10% year-on-year in the first 20 days of March. Car exports rose 13.7% in the period, customs agency data showed on Monday. “For the time being, a drop in exports of cars and auto-parts are inevitable as car factories and dealerships are closing,” Sung said. South Korean automakers had stocked up on inventories which could last up to two months, Sung said. Related Video: Earnings/Financials Government/Legal Plants/Manufacturing Hyundai Kia coronavirus

Kia ProCeed GT shooting brake spied ahead of its reveal

Kia plans to introduce its ProCeed GT to the world tomorrow, but our spy shooters just caught a fully camouflaged version out testing on public roads. This five-door shooting brake most likely isn't coming to the crossover-crazed U.S., but it's still cool enough that we thought you'd like to see it. We were thoroughly impressed with the ProCeed Concept shown in Frankfurt last year. If the production car is similar to that, we'll be extremely jealous of everybody in Europe who gets to buy the Stinger-looking vehicle. As far as specs go, Kia hasn't given any hints. Rumors point to a 1.6-liter turbocharged four-cylinder with 201 horsepower and 195 pound-feet of torque as at least one of the available engines. From what we can see on this prototype, the grille has retained its shape and style – even the little GT badge remains. Here's hoping the best bits from the concept make it into production without too many alterations. Kia is definitely getting it right with design as of late with the Stinger and soon-to-be-announced ProCeed GT. Sadly, all that those of us in the U.S. can do now is look from afar. Related Video: Featured Gallery Kia ProCeed GT: Spy Shots View 11 Photos Spy Photos Paris Motor Show Kia Wagon

Kia calls reports of second US plant 'groundless'

In discussing how Kia planned to use a focus on quality to raise its brand perception and take the fight to BMW and Audi instead of Toyota, a recent article in Automotive News Europe said one of the primary constraints was production capacity; Kia simply doesn't have the ability to make enough cars to meet its aims with the plants it has.
The CEO of Hyundai-Kia is said to be reluctant to build more plants because of that focus on quality and the fact that its suppliers are stretched to the limit. The effects of that position are being felt right now with both makers losing market share, as in the case of Hyundai not being able to make enough of its Veloster Turbo for the US market.
A South Korean newspaper apparently reported last week that Kia was planning to build a second factory in Georgia with capacity for up to 150,000 units annually, and that the company would break ground as soon as this month on "KMMG2." Kia has responded to the news by saying, "The report is all groundless." The mayor of West Point, site of the current KMMG plant, said he didn't know anything about such plans, nor did the Georgia department of economic development have knowledge of a new Kia factory.