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Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.

Kia reveals Sportspace concept ahead of Geneva

If you were wondering why Kia kept the back end of its upcoming new European concept hidden from view in the previous teaser, one look at these latest images should tell you why: Though the show car is tipped to preview the replacement for the Optima, this one's packing a wagon body-style. Dubbed the Sportspace concept, this D-segment/midsize estate was penned at Kia's European design studio in Frankfurt and is set to bow at the upcoming Geneva Motor Show. The Korean automaker isn't telling us much about it, except to emphasize that it was designed as a grand tourer "without sacrificing the performance, sustainability and economy that Kia is known for." We wouldn't be surprised, then, to see some sort of high-output hybrid system in place under the hood. The design bears all the hallmarks of a modern Kia, with the tiger-nose grille up front and clean lines throughout, but tapering back to a wagon's tail that reminds us of the Alfa Romeo 159 Sportwagon – which is no idle praise. Whether that means the next-gen Optima will be offered in wagon form in Europe (where they're in particularly high demand) or anywhere else, however, remains to be seen. Kia SPORTSPACE concept to be unveiled at Geneva (SEOUL) February 17, 2015 – Kia Motors Europe will unveil an innovative new concept, the Kia SPORTSPACE, at the 85th Salon International de l'Automobile in Geneva on 3 March 2015. Created for long distance driving, the SPORTSPACE has been designed for fast and efficient travel with maximum comfort and minimal stress, in the best grand touring tradition of the weekend getaway. Designed at Kia's Frankfurt design studio, under the direction of Gregory Guillaume, Chief Designer Europe, the SPORTSPACE features a unique and captivating body shape. The car is born out of a commitment to provide stylish and exciting transportation for four which is also spacious and functional, without sacrificing the performance, sustainability and economy that Kia is known for. Recognisably a Kia due to its signature 'tiger nose' grille, finely judged proportions and simple, clean surfaces, SPORTSPACE has a bold, dynamic shape with real road presence. At the same time, it offers a high level of interior comfort and substantial practical load space.

Kia Forte5 hotted-up hatch could be coming back to U.S. market

CarBuzz discovered an executive order Kia submitted to the California Air Resources Board (CARB) that appears to leave a placeholder for a new Forte5. The previous Forte5 — the hatchback version of the Forte sedan — was sold in the U.S. until last year. The tailgated version didn't make the jump to the new-generation Forte sedan that went on sale in the latter part of 2018. The question is whether the lodged paperwork means we can expect a new Forte5 to come our way, or if Kia's U.S. arm is merely preparing for the possibility. Kia's CARB filing lists four 2020 model-year Forte trims: A Forte sedan without smart cruise control (SCC) that can be had with Kia's seven-speed dual-clutch transmission or a six-speed manual; a Forte sedan with SCC that comes with the DCT; a Forte5 with the DCT; and a Forte5 with the DCT and SCC. All four cars get a 1.6-liter four-cylinder. The only such engine Kia has is a turborcharged GDI unit with 201 horsepower and 195 pound-feet of torque, currently found in the Soul GT. The only engine available in the Forte sedan at the moment is a naturally-aspirated 2.0-liter four-cylinder with 147 hp and 132 lb-ft, with a CVT manipulating gear ratios. In an interview with Motor Trend at the 2018 Detroit Auto Show where the latest Forte sedan was launched, the Forte's product manager said, "We're not done with Forte. ... We have more exciting products that are coming that I can't speak of." We know there's a production version of the Forte GT on the way with the 1.6-liter, so that takes care of two of the listed vehicles. At the time of the interview, MT wondered if the Kia exec was alluding to "a return of the Forte5 hatchback," something cribbed off the gorgeous Proceed concept shown at the 2017 Frankfurt Motor Show. If we were to peer perhaps too closely at the tea leaves, in January of this year Kia launched the new Forte5 hatchback at the Montreal Auto Show (pictured). An exec with Kia Canada said that country is "the first in North America to get up close to a brand-new vehicle." Perhaps we'll be the second. That car in Canada comes with the 2.0-liter four-cylinder in base trim, and will offer the 1.6-liter as part of a "GT performance upgrade." We know the Forte GT sedan will come with nicer and sportier bits like LED headlights and 18-inch wheels on Michelin Super Sport tires. If there is a hotted-up Forte5 hatch on the way, we should know before too long.