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Hyundai reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.

Foreign automakers pay from $38 to $65 per hour to non-union workers

As leaders for the United Auto Workers gather in Detroit for their Special Convention on Collective Bargaining to work out the negotiating stance for this year's new labor agreements with the Detroit 3 automakers, what they most want to do is figure out how to eliminate the two-tier wage scale. However, the lower Tier 2 wage has allowed the domestic automakers to reduce their labor costs, hire more workers, and compete better with their import competition. As it stands, per-hour labor rates including benefits are $58 at General Motors, $57 at Ford, and $48 at Fiat-Chrysler – a reflection of FCA's much greater number of Tier 2 workers. The Center for Automotive Research released a study of labor rates (including benefits) that put numbers to what the imports pay: Mercedes-Benz pays the most, at an average of $65 per hour, Volkswagen pays the least, at $38 per hour, and BMW is just a hair above that at $39 per hour. Among the Detroit competitors, Honda workers earn an average of $49 per hour, at Toyota it's $48 per hour, Nissan is $42 per hour, and Hyundai-Kia pays $41 per hour. The lower import wages are aided by their greater use of temporary workers compared to the domestics. Automotive News says the ten-dollar gap between those foreign camakers and the domestics turns out to about an extra $250 per car in labor, which adds up quickly when you're pumping out many millions of cars. That $250-per-car number is one that, come negotiating time, the Detroit 3 will want to reduce, as the UAW is trying to raise both Tier 1 and Tier 2 wages. Another wrinkle is that the domestic carmakers are considering the wide adoption of a third wage level lower than Tier 2. Some workers who do minor tasks like assembling parts trays kits and battery packs already make less than Tier 2, but the UAW will be quite wary about cementing yet another wage scale at the bottom of the system while it's trying to fight a bigger battle at the top. News Source: Automotive News - sub. req., BloombergImage Credit: AP Photo/Erik Schelzig Earnings/Financials UAW/Unions BMW Chevrolet Fiat Ford GM Honda Hyundai Kia Mercedes-Benz Nissan Toyota Volkswagen labor wages collective bargaining labor costs

2020 Kia Soul teased ahead of L.A. Auto Show debut

We've seen Kia Soul prototypes in spy shots a few times now, and they've all been carefully covered up. This often means that we'll be waiting awhile before the car is revealed, but that's not the case with the Soul. It's coming to the L.A. Auto Show in just a couple of weeks, and Kia released a teaser to announce the reveal. The teaser shows the rear pillar from the side. As expected from the prototypes, the Soul retains its boxy design. It also has the upswept rear windows that create a very thick rear pillar. The new Soul does adopt the popular floating roof design, created in this case by a matte-black plastic piece in which the Soul logo has been embossed. The taillight's overall design is similar to the current model, with it rising vertically along the rear pillar. But it looks as though it may wrap around the top of the roof now. As we've seen from spy shots, the new Kia Soul will adopt some other interesting design cues. The aforementioned taillights also extend inward into the rear hatch. The headlights at the front feature a slim, full-length portion up top that appears to only have the running lights. Below are large light pods that, like on the Hyundai Kona, probably house the actual forward-illuminating lights. Kia confirmed in the teaser that it will offer versions of all the current Soul models with this new generation. That includes the base-level models, the sporty Turbo model, and the electric Soul. We've seen these iterations testing. The Soul Turbo looks aggressive with a new center exhaust outlet. The Soul EV has many blocked-off grilles like so many electrics, but more interesting is that a display inside the car suggested it will have a range of over 200 miles, similar to the Niro EV. We'll have all the details when the Soul makes its debut at the L.A. Auto Show, so stay tuned. Related Video: Image Credit: Kia Green LA Auto Show Kia Crossover Hatchback Economy Cars Electric kia soul ev