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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

Best 3rd row SUVs of 2022

If you plan on using a vehicle's third row a lot, let us at least make the suggestion that a minivan would be a smarter bet than anything you're going to see on this list of best three-row SUVs. Their third rows are bigger, more comfortable and easier to get to. The kids will definitely be happier. Here are our two top choices.  OK, now that that's out of the way, we totally get why minivans are totally depressing and that if the kids want to be happier, they can buy their own darn vehicle. You're buying, you're driving, you're being seen in it and you'd rather have a three-row SUV. Fair enough. Luckily, there are more choices than ever and they're really good. The best do a particularly good job of being family friendly without looking like a drab transportation appliance, although really, you can't go wrong with any of the mainstream three-row SUVs. Now, some of the luxury choices are a bit suspect, including those that are otherwise very appealing but have cramped third-row seats (the Genesis GV80 comes to mind). We're focusing on three-row SUVs here, so having a usable third row is a must.   In this list, we have broken things down into four sub-categories: Best Three-Row Crossover |  Best Full-size Three-Row SUV Best Luxury Three-Row SUV |  Best Flagship Luxury Three-Row SUV Note that we define crossovers as SUVs since most buyers use the terms interchangeably, but acknowledge that "crossover" is literally a vehicle with a car-like unibody structure as opposed to the truck-like, body-on-frame construction that traditionally has defined "SUV." In other words, we consider all crossovers SUVs, but not all SUVs are crossovers (specifically those in the full-size segment and some in the flagship luxury segment). Best Three-Row Crossover SUVs of 2024 2024 Honda Pilot Why it stands out: Exceptional storage and cargo space; unique second-row functionality; refined ride; versatile and capable TrailSport; advanced AWDCould be better: Subpar acceleration with lackadaisical transmission and engine response; so-so driver assistance tech Read our full 2024 Honda Pilot Review The Honda Pilot was completely redesigned for 2023. It maintains its predecessor's family friendly packaging and overall focus, but it has injected a welcome sense of style (especially in the TrailSport pictured above) that makes it stand out much better from the big crossover crowd.

2021 Kia K5 starts at $25,455, just $100 more than outgoing Optima

The 2021 Kia K5 continues this year's trend of carmakers placing minimal premium on a brand new or heavily revised model. Cars Direct got a look at an early order guide showing that Kia's new midsize sedan will start at $23,490 before a $965 destination charge, for a total of $24,455. The destination fee doesn't change, and the MSRP is but $100 more than the outgoing entry-level 2020 Optima LX. That also puts the Kia $120 under the 2020 Hyundai Sonata SE, $520 under the Honda Accord LX, and $925 below a Toyota Camry SE. The K5 is powered by a 1.6-liter turbocharged four-cylinder with 180 horsepower and 195 pound-feet of torque shifted through an eight-speed transmission, giving it a little less horsepower than the competing trio — the 23 hp given up to the Toyota is the largest difference — but more torque than the other three.   The K5's trim steps have been rearranged compared to the Optima, so instead of LX, S, Special Edition, EX, EX Premium and SX, there will be the K5 LX, LXS, GT-Line, EX and performance-minded GT. The LXS will start at $27,555, the GT-Line at $30,055. Those will be the only two trims offering AWD, and the four-wheel system has late availability as well. Cars Direct didn't mention a price for the EX.   The GT and its exclusive 2.5-liter turbo four-cylinder with 290 hp and 311 lb-ft tied to an eight-speed dual-clutch gearbox will be late availability. The order guide showed that trim costing $31,455 after destination. That's $1,700 less expensive than the less powerful, top-of-the-line Optima SX. Among rivals, only the V6-powered Camrys come close to the K5's output, with 301 hp and 267 lb-ft from a 3.5-liter V6. The Camry TRD stands at $670 more than the K5, butt the only big-ticket extras available for the Camry TRD are two-tone paint jobs costing from $500 to $925. One of the K5 options will be a GT1 Package that adds LED headlights, better driver assistance features such as forward collision avoidance and park assist, adaptive cruise control, semi-self driving on the highway, 12-speaker Bose audio, ventilated front seats with memory, and more. Upgrading to GT1 spec will cost $4,000, taking the price to $35,455. The Toyota Camry TRD V6 doesn't offer some of the GT1's finer tech. The Toyota Camry XLE V6 needs to be optioned up to match a K5 GT1, the Toyota coming out to $38,325. Cars Direct also saw a bulletin to Kia dealers outlining some lease and purchase offers that will run through August 3.