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Hyundai Motor reassigns 17 top execs to make way for fresh ideas

SEOUL — South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business empire. The reshuffle, first reported by Reuters on Tuesday and confirmed by Hyundai on Wednesday, is part of preparations for generational change in the executive ranks at South Korea's second-largest family-owned business empire. Group President Albert Biermann, a German former BMW executive, was named head of research and development, replacing longtime executives Yang Woong-chul and Kwon Moon-sik. The move was seen as a significant step to bring in fresh ideas at the Korean-dominated group. In all, 17 top executives were reassigned across the group including at Hyundai Motor Co and Kia Motors Corp — which together form the fifth-biggest automaker in the world. The move follows the promotion of Euisun Chung in September to Hyundai Motor's executive vice chairman, moving him closer to succeeding his 80-year-old father, Mong-Koo Chung, as group chairman. It comes as Hyundai Motor Co battles to reverse falling profits as a result of U.S. recall costs and weak sales in the U.S. and Chinese markets. Hyundai Motor Co shares jumped as much as 9 percent to their highest level since Oct. 10, while shares in affiliates like Hyundai Mobis, Hyundai Wia and Hyundai Glovis also rallied. While the announcement by Hyundai on Tuesday of a major investment in fuel cell production also lifted sentiment, analysts said most of the share price rise could be attributed to the leadership changes. In particular, it signaled that the junior Chung was making progress with his plans to restructure the sprawling group after a previous plan was scrapped due to opposition from U.S. hedge fund Elliott. "The reshuffle signals that the junior Chung is tightening his grip on the conglomerate, a move which raises investors' hopes for change," said Kim Joon-sung, an analyst at Meritz Securities. Ascendance of outsiders In a sign that Chairman Chung's grip may be weakening, one of his closest lieutenants, Hyundai Motor Co Vice Chairman Kim Yong-hwan, was reassigned away from the core automaker and named vice chairman of steelmaking affiliate Hyundai Steel.

Hyundai Nexo revealed at CES: Hydrogen SUV finally gets a name, more photos

Hyundai Nexo, that's the name of the fuel-cell electric vehicle to succeed the Tucson FCEV. Built on a dedicated platform instead of using a converted ICE architecture, as the Tucson did, the Nexo packs a lighter, more compact hydrogen powertrain and a more powerful electric motor to deliver improved performance everywhere. The Nexo also plays a key role in Hyundai's "Hydrogen Life Vision," which aims at integrating hydrogen as a home energy source. The power density of the Nexo's stack increases by 50 percent, and overall system efficiency goes up 5.1 percent. The smaller engine contains fewer moving parts, and even the hydrogen tanks are 36 pounds lighter than those in the Tucson FCEV. View 11 Photos The Tucson FCEV uses a 100-kW electric motor that provides 221-pound-feet of torque, and after the 90-second preparation and stack heating time on startup, the Tucson accelerates from zero to 60 miles per hour in 12.5 seconds. The Tucson's two storage tanks held 140 liters of hydrogen (37 gallons) that could provide about 295 miles of range and an EPA rating of 50 mpge. The Nexo uses a 120-kW motor with 291 lb-ft, is ready to go in 30 seconds after starting, and accelerates to 60 mph in 9.9 seconds. The new FCEV's three storage tanks hold 156 liters of hydrogen (42 gallons), which Hyundai says are good for more than 350 miles on the EPA test cycle. In a real-world run from Los Angeles to Las Vegas, Hyundai said the Nexo returned a 360-mile range and 57 mpge. Refilling the 700-bar system will take five minutes. The Nexo will introduce some of the carmaker's new technology, too. Lane Following Assist keeps the Nexo in the center of its lane in the city and on the highway, and recognizes road edges when lane markings aren't clear. Blind-spot View Monitor displays an image of either side of the vehicle when the driver plans to change lanes. The Nexo parks itself autonomously, and returns, with Remote Smart Parking Assistant Hyundai envisions owners of this second-generation FCEV beginning to use the Nexo as an integral part of their lives, not merely as an appliance. At the Consumer Electronics Show, Hyundai will have the Nexo hooked up and providing power to a demo household as part of the automaker's "Hydrogen Life Vision." The carmaker's also got plans for using the Nexo's "pure water to grow vegetation" (water and water vapor are the only emissions byproduct of FCEVs).

The world's first fuel cell car sharing program launches in Germany

As EVs become increasingly mainstream, they seem to have found a natural home in carsharing services. BlueIndy has left its mark on Indianapolis, Ford has been testing its own EV sharing programs, Japan and China have seen their share of programs pop up, electric carsharing is helping low-income neighborhoods in Los Angeles, and more models continue to emerge. On the flip side, Car2go made news recently when it pulled EVs from its fleet in San Diego. Absent from the carsharing scene, though, have been hydrogen fuel cell vehicles. But even that is changing. In Munich, Germany, industrial gases company (think hydrogen) Linde has launched BeeZero, a carsharing service comprised completely of fuel cell vehicles. The fleet is made up of Hyundai Tucson Fuel Cell crossovers (called the ix35 Fuel Cell in Europe). It's the first hydrogen-powered carsharing service in the world, and Bavaria just happens to be a hub for hydrogen research and technology. Beezero, a new subsidiary of Linde, begins public service this summer with a fleet of 50 Tucson Fuel Cells. It offers users on-demand access to zero-emissions driving, but without the range limitations of battery electric vehicles. These H2-powered Hyundais can travel over 370 miles on a single tank, offering more flexibility to travel to the surrounding areas. If users want to visit the nearby lakes or mountains, they'll also have room to cart their gear with them. Drivers will be able to reserve a car online or through a smartphone app, and vehicles will be available in various zones in and around the city of Munich. As for the hydrogen used to fuel the fleet, Linde creates it from sustainable sources, promising carbon-neutral voyages. While the public gets access to hydrogen-powered mobility, Linde gets to learn from the experience. "We expect to gain valuable information from day-to-day fleet operations which we will use to further develop our hydrogen technologies and to help expand the hydrogen infrastructure," says Linde Executive Board member Dr. Christian Bruch. "BeeZero synergises two mobility trends that are gaining a lot of ground at the moment – car sharing and zero emissions – and will bring the benefits of fuel cell technology to a wider group of potential users." Read more in the press release below.