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Hyundai Motor's two R&D vice chairmen reportedly resigning

SEOUL — Hyundai Motor Group's two vice chairmen in charge of research and development have offered to resign, three people familiar with the matter told Reuters on Tuesday. R&D president Albert Biermann is likely to be named the new head of the division, two of the sources added, declining to be named as they are not authorized to speak to media. Hyundai is battling a plunge in sales, profits and its share price, and the reshuffle would be the latest since Hyundai promoted Euisun Chung in September to executive vice chairman, moving him closer to succeeding his octogenarian father as head of South Korea's second-largest group. The group has appointed new product strategy, design chiefs and replaced senior executives at its overseas operations, including China and the United States. The latest shake-up at the group, which includes Hyundai Motor and its affiliate Kia Motors, could be announced on Wednesday, one of the sources said. It is "part of a generational change Chung is pushing for," another person said. A Hyundai Motor spokesman declined to comment. The group's vice chairmen, Yang Woong-chul and Kwon Moon-sik, both aged 64, told senior officials on Tuesday that they would leave the company, the sources said, declining to say why they had offered to resign. Biermann, a former BMW performance vehicle development official, adds to a flurry of foreign executives that Chung, 48, has brought in to the company typically dominated by Koreans. In October, Thomas Schemera, also a former BMW executive, was appointed to lead product planning for autonomous cars, connected and electrified vehicles, while Luc Donckerwolke, a former Bentley design chief, was appointed to oversee design at Hyundai and Kia. Hyundai Motor's third-quarter net profit plunged by two-thirds, hit by U.S. recall costs that added to its problems. The automaker was already suffering with weak sales in its key U.S. and Chinese markets. Hyundai's share price is down more than 10 percent this quarter, despite a recent rebound driven by a share buyback plan announced on Nov. 30. Reporting by Hyunjoo JinRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

U.S., South Korea strike a new trade deal

WASHINGTON — The United States and South Korea have reached agreement on a new trade pact, the White House said on Tuesday. "We have come to an agreement in principle, and we expect to roll out specific details on that very soon," White House spokeswoman Sarah Sanders told a briefing. Her comments were the Trump administration's first confirmation that the two sides had reached an agreement in trade talks covering revisions to the U.S. South Korean Trade Agreement (KORUS) and a South Korean exemption from new U.S. metals tariffs. Seoul on Monday announced a deal to limit exports to the U.S. of South Korean steel, while extending high U.S. tariffs on any possible South Korean pickup trucks and increasing U.S. automakers' access to the Korean market. But details of the agreement have not yet been released by the U.S. Trade Representative's office, which led the negotiations for the United States after President Donald Trump last year called the 6-year-old bilateral pact a "horrible deal" that had doubled the U.S. trade deficit with South Korea since 2012. The deal is expected to permanently exempt South Korea from Trump's tariffs of 25 percent on steel and 10 percent on aluminum, but South Korea will have to reduce its steel exports to the United States by 30 percent from its average over the past three years to about 2.68 million tons. South Korea was the third largest steel exporter to the United States last year after Canada and Brazil. The agreement also was expected to double South Korea's import quota for cars meeting U.S. safety standards — not necessarily Korean standards — to 50,000 per manufacturer per year from 25,000 previously. The big challenge now would be getting unimpressed Korean consumers to buy them. The 25 percent U.S. tariff for pickup trucks, which was due to begin a phase-out starting in 2019, would be extended for another 20 years, according to South Korean officials. This would virtually ensure that any pickup truck contemplated by Korean automakers Hyundai or Kia for the U.S. market would be built in the United States.Reporting by Ayesha Rascoe and David LawderRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Reuters Government/Legal Hyundai Kia

2020 Kia Soul shown in profile ahead of L.A. Auto Show

A week after showing just a hint of the 2020 Kia Soul, Kia has shown a shocking amount of the compact hatchback in another teaser. It reveals almost the entire profile of the Soul, and a few other teasers give us a peek at the interior. Overall, it's right between evolution and revolution of the current model. On the evolution side, the Soul retains is funky box shape and many of its most recognizable design cues. The window line at the back kicks up to form the car's distinct triangular D-pillar. The windshield is about the only raked line on the car. Plus, the taillights still run up the rear pillars, and the roof can still be painted in contrasting colors. On the revolution side, the front fascia looks much more streamlined and futuristic. The big, cute headlights of the old models have been replaced by more menacing, slender examples that almost look like the eye openings of a stormtrooper's helmet. And based on spy shots, these headlights should span the full width of the front fascia. The lights sit low in the fascia, too, and the whole front end has a smoother, more curved look than previous Souls. Additional teaser photos give us a look inside the Soul. The dashboard has been updated, and now all the center controls, vents and the screen are encompassed by a rounded square shape, rather than having some of those components spread out across the center stack. The door handle areas appear to be an area of customization, with this example showing a bright yellow trim piece with triangular accents. Kia also gave a few details on powertrains and trim levels. The Soul will be available with a naturally aspirated 2.0-liter four-cylinder, a turbo 1.6-liter four-cylinder or an electric motor. This seems to indicate the naturally aspirated 1.6-liter engine available now will be going away. The gas engines are probably carry-over, too. The 2.0-liter engine currently makes 161 horsepower, and the turbo engine makes 201 horsepower. Kia says the Soul will be available with a seven-speed dual-clutch transmission, though it didn't say whether it will be available with both engines. Also, as we've seen in spy shots, the electric model could have a range of over 200 miles. For trim levels, Kia is dropping the "+" and "!" terminology and instead offering the Soul in LX, EX, S, GT-Line, and the newest trim, X-Line.