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Hyundai, Kia announce buyback plan for angry Korean investors

Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.

2016 Hyundai Elantra GT gets refreshed with a big new face

Hyundai is taking the sheet off of a facelift for the 2016 Elantra GT at the 2015 Chicago Auto Show, and if buyers spec the five-door hatchback right, they can also get the Korean brand's latest infotainment system. The biggest and most obvious change for the updated Elantra GT is its brand new front end. The grille now features wide, horizontal slats with chrome accents, which removes the previous design's somewhat smiling face. It also brings the styling more in line with the rest of the Hyundai lineup. In addition, vehicle rides on some redesigned 17-inch wheels. The interior is left basically the same for the update, except if buyers choose the optional Technology Package. It adds a new 7-inch touchscreen navigation system with a rearview camera, which is similar to the unit in some trims of the Sonata and Genesis. Hyundai's Blue Link telematics system and Apple Siri Eyes Free are included, as well. Choosing the pack also features dual-zone climate control, a panoramic sunroof, LED taillights and ventilated driver's and passenger's seats, which brand claims is a segment first. Mechanically, the steering is retuned for better feel in 2016 but everything else carries over. That gives buyers a direct-injected 2.0-liter four-cylinder with 173 horsepower and 154 pound-feet of torque and the choice of a six-speed manual or automatic. Base pricing is the same as the 2015 model year at $18,800, plus an $825 destination charge on all models, for the manual or $19,800 with the auto. Although, with all of the extra kit, the Tech Package is now $3,950, rather than $2,900 last year, but the required Style Package for it is re-priced to $1,975, as opposed to $2,550 in 2015. Hyundai's Sporty and Versatile Hatchback Gets a More Affordable Style Package and a New Navigation System with Next-Generation Blue Link Telematics CHICAGO, Feb. 13, 2015 – Today at the Chicago Auto Show, Hyundai Motor America introduced a refreshed Elantra GT for the 2016 model year, offering updated styling with customer-focused technology and features. With a more distinctive front fascia and all-new 17" alloy wheels, Elantra GT's new look further enhances the vehicle's signature sporty styling. And when mated to a standard 2.0-liter Gasoline Direct Injection engine, the formula comes together to deliver a vehicle that both looks and feels dynamic.

Hyundai preparing to enter US commercial vehicle market

The commercial van segment has been surprisingly hot in the US over the past few years with new or updated entries from Ford, Nissan, Mercedes-Benz and Ram. Now, it looks like we can add one more to that lineup because Hyundai plans to enter the market here, too. The decision is part of the brand's newly announced push into the commercial vehicle segment worldwide, according to Reuters. Hyundai intends to invest 2 trillion South Korean won ($1.8 billion) into the venture through 2020, and the Korean automaker expects the segment to grow by 30 percent annually worldwide over the next five years. Around 1.6 trillion won ($1.5 billion) of that goes towards development of new models and engines for the division. Another $363 million is for expansion of the company's Jeon-ju plant to build 100,000 units there each year. According to Reuters, there's no set timeline on the US introduction of these models yet. Hyundai already sells commercial vehicles in Korea and China but holds just 2.1 percent of the global market in the segment. Autoblog reached out to Hyundai Motor America to learn more, but company spokesperson Jim Trainor said via email, "It is too early to provide any more details concerning the sale of commercial vehicles in the US market." The company is already setting it sights on the European commercial segment with the HG350 (pictured above). It's offered as either a cargo van or flatbed and is meant to compete against market stalwarts like the Ford Transit and Mercedes Sprinter. Rather than this vehicle, the US might get one of Hyundai's newly developed models, though. The automaker previously suggested to Autoblog that it wasn't "seriously considering" the HG350 for this market, at least at that time. Hyundai Motor Plans to increase Jeon-ju Commercial Vehicle Plant capacity to 100,000 units • Hyundai Motor to invest KRW 2 trillion on commercial vehicle development and production until 2020 • New Pilot Center, Global Training Center expected in Jeon-ju plant • 1,000 new jobs to be created following the increased capacity February 16, 2015 – Hyundai Motor announced today that it will invest KRW 2 trillion over the next six years to enhance its global commercial vehicle competitiveness. KRW 1.6 trillion will be invested on developing new models and engines to strengthen global commercial vehicle competitiveness.