2015 Kia Sorento Lx on 2040-cars

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Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.

Driver unaware SUV is in flames going down the highway

NBC Nightly News recently carried the above segment on a video showing a 2012 Kia Sorento spewing flames as its driver travels at highway speed on Interstate 4 in Orlando. Another motorist, Meredith Olinger, drives alongside, shooting the video while trying to warn the driver to pull over. She does, just in time. Seconds later, the Kia is cooked. The driver, Susan King, says, "I got out, and suddenly the car was engulfed in flames. (Olinger) saved my life. I'm incredibly grateful, and she was my angel that day. It was surreal." NBC did a nice job of using the video to highlight a serious issue. The SUV's owner was not King but her friend Tyla Kennedy, and though the Kia was part of a recall of 2012-14 Sorentos having to do with an engine defect, Kennedy says she never received a recall notice. That's because she was not the car's original owner. And as anyone who has received a recall notice for a long-sold car knows, automakers send the notices to original owners. Subsequent owners are out of luck. We could argue all day about whether automakers, sellers or subsequent owners should do more to ensure that automakers know the current whereabouts of their products, but luckily there's an easy way past all of that. If you own a car you bought second-hand, go to safercar.gov and enter your VIN. If there is a recall on your vehicle, it will show up there. If one pops up, contact a dealership and the repair will be carried out free of charge. Even if you bought your vehicle new, doing this check couldn't hurt, just in case your notice got lost in the mail. It could keep you from discovering, as you fly down the highway, that you are driving a fireball. Related Video: Image Credit: Meredith Olinger Auto News Recalls Kia Crossover SUV Videos

A verified hit, Kia Soul EV will come to new markets

Today at the Chicago Auto Show, Kia introduced a new off-road Trailster plug-in concept, but the real-world news was all about how the Soul EV will be traveling to places it hasn't gone before. When Kia introduced the Soul EV in Chicago last year, it said that the car would some day be available in five states: California, Oregon, New York, New Jersey and Maryland. Today, company executives said the car will be coming to more markets – they just declined to mention where, exactly. The Soul EV is currently sold in just 17 dealerships in California, Orth Hedrick, vice president of product planning at Kia Motors America, told AutoblogGreen. "For the next stage, we were originally planning on hitting the east coast, but we are changing that around a little bit. You'll see more availability," he said. Hedrick said that the change was prompted by the simple fact that the Soul is attracting new customers. "We went back to the factory and told them it's doing very well and it's now expanded beyond an EV, it's something bigger," he said. "It's helping us get a dialogue with completely new, different customer that we normally wouldn't see in a Kia store. So we would like the opportunity to take it further." We asked if customer interest in the compliance car caught the company off guard. Hedrick said that wasn't quite the right way to look at the history of the Soul EV. "When we looked at it originally, we were trying to go beyond the compliance part," he said. "We understood, of course, that we had to do it, but we wanted to showcase something that was really strong for us, which is the Soul, and we thought it would help build out the Soul family and bring more people to see us and that's exactly what's happening. It was a little more than compliance but I think we were kind of shocked how well it was received. It's been a huge hit." "Huge" in this case means bigger than Kia's original production capacity estimates, he said, without getting into specifics. It was "significantly more than what we originally planned for," he said. The Soul EV is built in Korea and the car is sold there, the US and will be coming to Europe as well. "I don't think they're in a position to ramp up quickly," Hedrick said, "They're in the process of ramping up more and we'll have an announcement, we hope, by New York, about where we're going to go to." The New York Auto Show media days start April 1, 2015.