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Rimac will help Kia turn the Imagine concept into a high-performance flagship

The segment-bending Imagine concept Kia unveiled at the 2019 Geneva auto show will spawn a high-performance flagship in 2021. Rimac, which Kia and Hyundai jointly invested in, will help bring it to the market. "This car will have a significant effect on how consumers perceive Kia and its part in future electrification. We want it to demonstrate super-high performance levels but in a package that is different," affirmed Carlos Lahoz, the automaker's marketing chief, in an interview with British magazine Autocar. "Super-high performance" isn't a term we've ever used to describe a Kia, even the Stinger doesn't merit this label, so Lahoz's comments sketch an image of a model that breaks all ties with members of the company's current range. Croatia-based Rimac, an expert in making quick electric cars, will play a role in the development process. The extent of Rimac's involvement remains a mystery. Similarly, we don't know how Kia defines the term "super-high performance," and whether it alludes to straight-line speed, Tail of the Dragon-taming handling, or both. Like the Imagine concept (pictured), the production model will arrive as a sedan-crossover cocktail vaguely reminiscent of the short-lived Volvo S60 Cross Country, among other high-riding four-doors. Its front and rear ends will likely be toned down, but Kia stylists have been on a roll in recent years so we expect a head-turning design. As for the 21-screen infotainment system, which Kia labeled a "humorous riposte" to the industry's obsession with in-car displays, we're betting it won't make the leap from the show floor to the showroom floor.  The sheet metal will hide a new platform Kia is developing jointly with Hyundai specifically to underpin electric cars. Autoblog understands it will underpin future Genesis models, too. The architecture will be compatible with an 800-volt electrical system that charges the battery from 20% to 80% in 20 minutes, and Autocar reported the Imagine will offer up to 310 miles of driving range, though odds are that's on the optimistic WLTP testing cycle. Kia's announcement that the Imagine — a name the production version won't wear — will arrive in 2021 suggests it could land on our shores for the 2022 model year. The company hasn't revealed whether it will sell the model in the United States, however. Don't let the idea of a high-horsepower, quasi-luxury electric car from Kia fool you.

Insider trading ahead of Hyundai-Kia MPG debacle suspected

Reuters is reporting that large-scale insider trading may be at the heart of some particularly fishy stock-selling behavior, just prior to the original announcement about the Hyundai-Kia fuel economy ratings debacle.
On November 1st, Hyundai-Kia shares traded roughly 2.2 million times (the single highest-volume day of the year), and the stock price fell by about four percent. For reference, a standard daily trading volume for the stock in 2012 saw about 600k shares trading hands. On November 2nd, the company made public the bad news about the dropping fuel economy ratings for many of its models. In other words: No one outside of the company (and only a smallish group inside the company, we'd imagine) should have known anything about the impending bad news as of the first day of November. After the announcement, the stock price tanked, as you'd expect, and trading volume was way down as well.
Experts seem fully aware that the whole thing reeks of leaked information and subsequent insider trading. If chicanery on this sort of scale seems wacky to you, you'd be inline with the experts who report to Reuters that the level of trading is absolutely suspicious.

Hyundai closes the books on fuel economy litigation

Hyundai-Kia ended up with a lot of kimchi on its face in 2012 when it admitted it had mistakenly exaggerated fuel economy estimates on several 2012 and 2013 model-year offerings like the Hyundai Accent, Veloster and Elantra and Kia Soul. Before the admission a lawsuit had been filed by an entity called Consumer Watchdog, afterward there were "approximately 53" lawsuits filed in federal court that were eventually consolidated into one case in a California Central District court.
The companies apologized profusely and gave customers prepaid gas cards that they could refill with funds for as long as they own their vehicle, as well as perks like free car washes and routine maintenance services. The company has just announced that it has reached a preliminary settlement of the case by adding another method of reimbursement, a lump sum payment that would free drivers from having to go back to the dealership to have their mileage verified for debit card refills.
Assuming the preliminary agreement is approved by the judge, customers could choose the lump sum or the cards. The settlement's value could be as much as $210 million, but the exact number depends on which program plaintiffs choose. On average, affected customers will receive $353. Approval could come in "early 2014," after which Hyundai will notify customers. You'll find more particulars on the potential settlement in the press release below.