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Why BMWs are cheaper than Hyundais in Korea

Bloomberg reports shifting tariff regulations have upended the traditional automotive pecking order in Korea. Thanks to cheaper import taxes, foreign brands have seen market share jump from 28 percent to 41 percent over the last two years. BMW, Mercedes-Benz and Audi have all capitalized on the shift, with domestics like Hyundai and Kia suffering at the hands of their German rivals.
Taxes on European imports have fallen from 8 percent in 2011 to just 3.2 percent today. Over the next few years, tariffs will all but be eliminated for most imports, and taxes on US-made vehicles are expected to fall to just 4 percent in 2014. By 2016, that number will be zero. Needless to say, Hyundai and Kia are concerned about the shift.
Hyundai has seen profit fall by 15 percent last quarter, and the company says it is on pace to see the slowest sales growth since 2007. The company's shares have fallen by 12 percent. In order to stem the losses, Hyundai has discounted its midsize sedans and started working on diesel engine options.

Kia confirms Cub "four-door coupe" concept for Seoul

Kia has announced it is headed to the Seoul Motor Show with a new sedan concept. Details are still scarce, but the Kia CUB Concept should be small, at under 13 feet long and come with coupe-like proportions. Kia wants the vehicle to "appeal to trend-setting urban dwellers," a notoriously car-hungry market. The automaker says the Cub has a cheerful face decorated with two-point LED headlamps just like those found on the Quoris flagship, but the teaser image above looks a bit more sinister than happy to us. Kia plans to give the Cub a proper unveiling on March 28.
Hyundai has also given us a glimpse at what the company has planned for Seoul with its HND-9 luxury sports coupe. You can refresh yourself on that machine by checking out the post here. You can also take a closer look at the brief press release below.

Kia to green-light GT and Provo for production?

Kia is looking to inject a bit more performance life into its brand, and according to Auto Express, the company is looking at creating sporty models based on two of its recent concept cars, the GT four-door from the 2011 Frankfurt Motor Show (shown above) and the Provo hybrid hatchback that debuted in Geneva last week (inset, right).
"The GT is close to being approved and going into production, but, as with all our cars, they have to be developed on a sound financial footing," Benny Oeyen, Kia Europe's VP of marketing and product planning, told Auto Express. When it debuted, the GT four-door was powered by a turbocharged 3.3-liter V6, reportedly good for 389 horsepower and 394 pound-feet of torque, mated to an eight-speed automatic gearbox.
The Provo, on the other hand, could stand as a sort of halo car for the company's B-segment offerings. It would ride on the same front-wheel-drive platform as the Rio compact, though Kia says it's eager to keep the concept's gasoline-electric powertrain intact. "Our brand is currently rational, but there's space for a B-coupe," says Oeyen. Of course, the company would indeed have to look at different naming possibilities for its B-segment coupe, since the week-old Provo is already stirring up some controversy.