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Hyundai Motor's two R&D vice chairmen reportedly resigning
Tue, Dec 11 2018SEOUL — 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.
Kia Optima could be renamed the K5 here in the U.S.
Thu, Dec 12 2019We recently showed you the Korean version of the 2021 Kia Optima, which is called the K5 there. And if a report is to be believed, the midsize sedan could carry that nameplate here, too, when it debuts. Korean Car Blog reported earlier today that Kia plans to replace the Optima name with K5 in its overseas markets, including the United States, saying it got confirmation from company officials in South Korea. Autoblog sought similar confirmation from Kia here in the U.S. but haven't heard back. Further, Motor1 reports that Kia was granted trademark protection in the U.S. for “K5” in 2012 and again this year. Reports have also swirled that the brand has applied for a trademark protection in Korea for a new logo that is similar to the stylized Kia badge shown on the “Imagine by Kia” electric sedan concept from Geneva in March. It appears Kia has submitted at least 50 trademark registrations since May with the Korea Intellectual Property Rights Information Service, with a modernized script in both red and black versions, both set against a white background, that look almost like “KN” with the N being backwards. It can be seen as an attempt to spiff up the existing no-frills logo of a brand that has made major strides in the quality and refinement of its vehicles. Many will note there's already an alternate Korean-market Kia logo that customers frequently apply to their cars here in the United States. At any rate, the new Optima/K5 features aggressive, muscular new styling and a powertrain likely to mirror that of the new 2020 Hyundai Sonata, with a choice of either a 191-horsepower naturally aspirated 2.5-liter four-cylinder engine or a 1.6-liter turbo-four making 180 hp, both mated to an eight-speed automatic. Going on sale this month in Korea, the K5 grows nearly 2 inches longer to 193.1 inches, and an inch wider, to 73.2 inches. It also gets a longer wheelbase, and the height drops by nearly an eighth of an inch to 56.8 inches. Despite the overall decline in sedan in the U.S., the Optima still sells respectively, with 89,482 sold through the first 11 months of the year, a drop of 5%.
Renault Scenic EV takes first place as (European) Car of the Year
Mon, Feb 26 2024The automobile awards season may not be over, but two of the more prestigious annual races came closer to a climax this week. One might need a scorecard to keep track. We’re focused here on two events: the World Car of 2024, now reduced to three finalists in six categories. Then thereÂ’s the Car of the Year, known in some quarters as the European Car of the Year. Except that the car doesnÂ’t have to be European to win, only sold there. Got that? Winners out of the way first: At the Geneva Motor Show on Monday, the Renault Scenic E-Tech all-electric has been voted Car of the Year 2024. The Scenic is a fairly compact, somewhat stylish SUV for Europe only, and is the seventh vehicle from the French brand to win the award. It sells in the United Kingdom for about $47,500. The other six finalists that had made the first cut of voting in November were the BMW 5 Series, BYD Seal, Kia EV9, Peugeot E-3008/3008, Toyota C-HR, and Volvo EX30. The trophy winner was chosen by a jury of 59 motoring journalists from 22 countries. Scenic came in first place with 329 points. The Seal was the first Chinese-made car to make this awardÂ’s shortlist; it finished sixth out of seven, just up from the Toyota. One judge explained his decision to grant the Seal zero votes. Writing in Top Gear, Paul Horrell wrote this entertaining critique: “It looks good and is well specified, so makes a strong market entry. The advanced electric system and cobalt-free battery are commendable too, and it's enjoyable enough to drive quickly. That's undermined by an agitated ride over bumps, and the logic of screens and switches is pretty eccentric.” Recapping the World Car of the Year 2024 update, the sponsors shared the stage at Geneva on Monday with the Europeans as well, although they revealed only the top three finalists in six categories. For the ultimate prize, they are the Kia EV9, the Volvo EX30 and the BYD Seal. The winners will be announced March 27 at the New York International Auto Show. Here's more on the World Car finalists. By the Numbers Geneva Motor Show New York Auto Show BMW Kia Toyota Volvo Peugeot Renault Green Automakers Best Cars