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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 wants to keep Stinger fresh with frequent variants

Kia is apparently feeling confident enough in the early sales figures of its new Stinger sedan to be mulling ideas for future variants of its GT-inspired fastback. The brand's North American product planner tells AutoGuide it wants to keep the nameplate's lineup fresh with frequent updates and additions. "The reaction has been phenomenal to (the Stinger)," Orth Hedrick, Kia North America product planner, told AutoGuide. "We're doing great, we have a very high mix of buyers, a lot coming from Optima, so we're looking to see if we can grow that. And I think there might be other opportunities down the road." He added that it was still early in the product's lifecycle and that the brand will wait to amass more data from consumers before building out the Stinger lineup. "We're going to be very aggressive for the lifecycle of this vehicle," Hedrick added, "we're going to be very aggressive with the colors. It's a fashion statement. You have to keep the car going with powertrain variants and other stuff coming down the road." Through March, Kia has sold 3,920 Stingers in the U.S., including 1,555 in March alone and not including the 843 it sold in late 2017. That's a fraction of the 50,645 vehicles Kia sold overall during the month, and it puts Kia on pace to sell nearly 16,000 for the full year. It's hard to independently assess whether that should be seen as a successful mark for a performance sedan that starts at $32,795 for the standard 255-horsepower 2.0-liter turbo four-cylinder, much lower than many of the German competitors it's established as benchmarks. Hendrick last year told Wards the Stinger was intended to increase both sales and brand recognition and was aimed squarely at auto enthusiasts. Its U.S. sales are slightly above those of the Alfa Romeo Giulia, which has sold 3,085 through March (this Stinger owners forum thread also offers some interesting guesstimates). And as long as Kia is pleased ... Anyway, if Kia wants to release variants, we're totally cool with that. It's already announced the limited-edition Atlantica, and we're down with more colors and maybe a manual transmission. And while they're at it, why not borrow the 5.0-liter V8 from the Korean version of the K900? Related Video:

Dealership worker takes Kia Soul for 200-mile joyride

Most often, dealership road-test capers in customer cars involve exciting metal - an employee totals a Chevy Camaro ZL1, or a does the same thing with a Dodge Viper. Or tapes himself wringing out Italian exotics at triple-digit speeds on public roads. That kind of horseplay rarely involves mass-market metal because it's not worth getting caught running red lights in a 2001 Mitsubishi Montero - except that actually happened, too. But we still don't understand the mechanic at Peak Kia North in Windor, CO, who used a customer's Kia Soul as his own car for four days and put 200 miles on it. Owner Veronica Pief discovered the nonsense when she downloaded the 17 hours of driving video from her dashcam. She dropped the Soul off to have its speed-volume control fixed, but got it back with the extra mileage and the volume problem still hadn't been remedied. It got worse when she said of the dealership, "Afterwards, they just blew us off. They didn't care. They didn't show any concern." Sometime between that disrespect and Denver's KUSA 9NEWS doing a story on it, the dealer decided it should fix the situation. Pief said she wanted the dealer to buy her car back and pay off the loan, which sounds extreme, but she might have been thinking about the verbiage in her owner's manual. Kia is one of the automakers that's strict about voiding warranties if it deems a car has been abused. Peak Kia North gave Pief what she wanted just one day after the original story ran, buying the car back from her with plans to auction it and donate the proceeds to charity. And yes, the mechanic was fired. You can watch the local news report above. Related Video: News Source: Detroit Free Press, 9NEWS Auto News Kia Car Dealers Hatchback Videos viral video colorado