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.

Kia teases handsome 2021 Sorento interior with design sketches

True, we've seen the fourth-gen, 2021 Kia Sorento uncovered on a commercial shoot, answering the biggest question we had about one of Kia's bestsellers. On top of that, an Instagram post revealed a couple of low-res interior shots. Kia's carried on with the tease campaign, serving up interior sketches that tell us more about the cabin than the photos. As with with exterior, the revamped passenger space leaves benign curves of the third-gen Sorento behind. Strong horizontal layering is broken up by vertically oriented vents. A 12.3-inch digital cluster lives behind the steering wheel, the screen blending almost seamlessly into a 10.25-inch infotainment display. Another screen for climate control sits dead center on the console, with a few buttons and toggles to improve ease-of-use. A large knurled knob stands atop the center tunnel, it being the rotary shifter that supplants the current gear lever. Behind that, another knurled dial could control the choice of driving modes. That smaller unit is accompanied by a number of buttons for features like auto stop/start, a parking sensor, and the electronic parking brake. The stitched leather upper on the instrument panel should be joined by upgraded fabrics, materials, and finishes throughout. There's also talk of a hidden rear wiper, but we need to wait for the reveal to understand what that's about. The Korean Car Blog happened upon an Excel spreadsheet with engines listed for the crossover internally codenamed MQ4. Globally, the coming Sorento's full complement of powertrain options will cover possibly four four-cylinder gasoline engines, Kia's new R diesels, an eight-speed automatic transmission, a six-speed auto, and — if we can believe our eyes — a four-speed manual. TKCB says the gas engines for the U.S. market should include a 2.5-liter naturally-aspirated four-cylinder, a 2.0-liter turbocharged four, and a 2.5-liter turbo four. Since we know the new Sorento will come in a hybrid flavor, expect the 1.6-liter turbo four this way as well. That seems like a lot of choice, though, what with the current Sorento offering only a 2.4-liter four-cylinder and a 3.3-liter V6. And on the spreadsheet, the eight-speed dual-clutch is only paired with the diesel engine; the gassers get the six-speed auto or the manual. The 2021 Sorento debuts in a little more than two weeks at the Geneva Motor Show on March 3. American audiences could greet it as soon as the New York Auto Show in April.

The Kia Rio has never looked this good

The word "Rio" immediately conjures images of the Olympics, which ended just days ago. But recalibrate your brain. It's Kia's best-selling model around the world and it will be revealed in September at the Paris Motor Show. The fourth-generation Rio gets a fresh look inside and out. It has a longer wheelbase with a longer hood and front overhang, which Kia says is meant to convey confidence. The sketches released today look similar to the current generation – as we'd expect – but Kia designers dressed it up with a fancier front end and "straight lines and smooth surfacing" which is evident on the sides. Kia also touts the new Rio's safety, connectivity, and improved handling, though it didn't specify the features. You can compare the sketches with the spy shots of a Rio caught running around this week. Rumors also suggest a hotter Rio GT hatch could arrive for 2018. The sketches show the hatchback variant. Kia also sells the Rio as a sedan in the US market. Globally, the Korean automaker moved more than 473,000 Rios last year, and the new model will launch production near the end of this year for Europe. Timing for launches in other markets was not announced. Despite low fuel prices and consumer demand for crossovers, Rio sales have inched up slightly this year to 18,699 units, 1,637 ahead of last year's pace through July. Much of those gains came last month, when Kia sold 1,104 more Rios than it did in July 2015. The Rio was last updated in the US market for the 2016 model year. Related Video: