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Hyundai planning pure electric Genesis model

The market for luxury EVs is set to grow bigger by at least one model. The latest is set to come from Genesis, the new luxury brand launched by Hyundai. The news, according to Reuters, was revealed by the brand's chief executive Manfred Fitzgerald at the Busan Motor Show in South Korea. "We will definitely go as Genesis brand down the road of alternative propulsions and it is very, very obvious that EV is definitely on the map," said Fitzgerald "I think full electric cars will be the future in the auto industry." The executive stopped short of providing further details or a timeline for the EV's eventual launch, however it's not the first alternative powertrain the brand will offer. The G80 (pictured) is set to gain a diesel version to join the existing gasoline model, aimed principally at the vital European market that Genesis' key rivals call home. The electric Genesis would join a growing field of luxury EVs. Faraday Future is taking aim at Tesla, German automakers like Audi, BMW, Mercedes, and Porsche are expected to launch upscale electric vehicles – and others are likely to follow. Fitzgerald recently signed on as Senior Vice President at the Hyundai group to oversee the Genesis brand, having previously served as branding chief at Lamborghini. He is one of a number of Westerners recruited by Hyundai's vice chairman and heir apparent Chung Eui-sun, the impetus for the upscale brand's launch, alongside the likes of designer Luc Donckerwolke and performance engineer Albert Biermann. Related Video:

Hyundai refreshes the Sonata for South Korea, and later the US

Thanks to its debut in South Korea, we have an early look at the revised Hyundai Sonata that will eventually reach the US with minor adjustments. And that's not just speculation. We reached out to Jim Trainor at Hyundai, who told us, "Much of what you have seen from Korea will be seen here, but there will be differences both on the exterior and the interior along with some mechanical and option differences." That said, we don't expect major changes to this Korean model. So without further ado, let's take a look. Up front is a thoroughly revised fascia. The most noticeable change is the grille, which descends much lower in the front bumper, much like those on the Elantra sedan and Elantra GT hatchback. The top edge of the grille appears lower, and that brings the whole nose of the car lower. The hood also has a few more creases running longitudinally. The exterior varies a bit between models, with the standard model getting a grille with slats and the 2.0T getting a mesh grille. The 2.0T also gets black headlight bezels and dark chrome all around. Though Hyundai didn't provide photos of the interior, the company says it has been changed, and some of the buttons will have a more premium feel. The 2.0T also gets a few exclusive interior bits to complement its unique exterior. The seats have more bolstering, and the standard steering wheel is replaced with a flat-bottomed piece. There are some functional updates to the new Sonata as well. Most notable is the introduction of an 8-speed automatic on the 2.0-liter turbocharged four-cylinder model. In the US, the turbo Sonata is only available with a 6-speed automatic. Hyundai also touts the introduction of wireless phone charging and lane-keep assist. The big differences between this and the US version likely involve visual tweaks and the packaging of some options. There's also the question of whether the 8-speed automatic will be available, but it would be odd if it weren't offered. The Korean model goes on sale later this year, and Trainor told us the North American debut is coming soon. Related Video:

Hyundai reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.