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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.

BMW tops Consumer Reports 2023 Brand Report Card

Feels like we wrote about Consumer Reports' 2022 Brand Report Car and 10 Top Picks a few weeks ago, but it was last April. So the mag is back with a ranked roster of 32 brands and 10 vehicles in four categories for your debating pleasure. Starting with the brands, last year's top three were Subaru, Mazda and BMW. This year, the Munich crew climbed two spots to win the prize thanks to "Superb road test scores and solid results in CR’s reliability and owner satisfaction surveys." Subaru narrowly fell to second, maintaining its four-year run in the top three. Mini, eighth last year, jumped five spots to get the last step on the podium. The rest of the top 10 were Lexus (up one spot from last year), Honda (down one spot from last year), Toyota (up three), Genesis (up 12), Mazda (down six), Audi (down three) and Kia (up eight). The magazine and testing outfit says its Brand Report Card "[reveals] which automakers are producing the most well-performing, safe, and reliable vehicles based on CRÂ’s independent testing and member surveys," and that "Brands that rise to the top tend to have the most consistent performance across their model lineups." Last year's top 10 had six automakers from Japan, three from Germany (giving Mini credit for England), none from the U.S. or South Korea, and five luxury brands. This year's list counts five makes from Japan, two from Germany because Porsche fell out of the top ten, two from South Korea, still none from the U.S., and four luxury brands. Buick again ranked as the best domestic, dropping to 12th after being 11th last year. The big mover was Lincoln, its 10-place jump up to 16th attributed to better reliability from the Corsair and Nautilus. Tesla's improved overall reliability saw it climb six spots to 17th. Dodge climbed one spot to 15th. Jeep got out of the penalty box in last to come second-to-last. Land Rover fell three places into the penalty spot.  CR's top 10 vehicle models The 10 Top Picks list is practically a new list. Only two holdovers made it to 2023, those being the Subaru Forester and Kia Telluride.

Hyundai Elantra Sport likely to get 201 hp, optional manual

The South Korean market often gives us a preview of what's coming soon from Hyundai and Kia in the US, usually with only the model name differing. That's what we thought when we saw the new Avante Sport being shown there, and Hyundai Motor America spokesman Jim Trainor confirms that it's basically what we should expect from the upcoming Elantra Sport. Hyundai previously confirmed the quicker sedan will arrive in the US by the end of the year. The Avante Sport uses the Veloster Turbo's 1.6-liter turbocharged four-cylinder, making the same 201 horsepower and 195 pound-feet of torque as it does in the funky hatch-coupe. Expect a choice between a seven-speed dual-clutch gearbox and a six-speed manual to go with it. The sporty compact upgrades to a multi-link rear suspension, replacing the standard Elantra/Avante torsion-beam setup. South Korean customers can choose an optional Extreme package that includes upgraded stabilizer bars, different springs and shocks, and a rear spoiler. We're hoping the suspension upgrades will be standard on the Elantra Sport. Hyundai made some subtle visual tweaks to signal the Sport model's extra performance. Lower side sills, larger openings in the front fascia, and a rear diffuser with dual exhaust tips poking out get the speedy message across. Inside, the front seats get larger bolsters and there's a unique flat-bottom steering wheel. Carbon-fiber-esque trim completes the sporty look. Currently, the only Elantra available in the US uses a 2.0-liter four-cylinder running on the Atkinson cycle that makes 147 hp and 132 lb-ft of torque. An Eco trim will join the lineup this spring with a turbocharged 1.4-liter four-cylinder and seven-speed dual-clutch gearbox. With the Sport, Hyundai will have a family of models to appeal to a large portion of buyers in the segment. Related Video: