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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.

Hyundai, Kia recall 270,000 cold-weather state vehicles over rust

Hyundai has announced plans to recall 240,000 Sonata and Azera models registered in the northern United States over corrosion caused by the use of road salt. Exposure to the salt can cause rust to form (we know, basic chemistry here), and that the corrosion can change the alignment of the rear wheels, according to Reuters.
Sonatas from the 2006 to 2010 model years, built between March 1, 2005 and January 21, 2010, and Azeras from the 2006 to 2011 model years, built between September 27, 2005 and November 22, 2010, are covered only if they were registered in the following states: Connecticut, Delaware, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, West Virginia, Wisconsin and Washington, DC. So basically, every state from the Midwest, to the central Atlantic coast, to New England. It is unclear exactly how many Sonatas or Azeras make up the 240,000 total number.
Hyundai is also recalling 20,300 of its 2013 Santa Fe Sports, while sister company Kia is recalling 9,345 2014 Sorentos. This second recall only covers Santa Fe Sport and Sorento models with the base, 2.4-liter engine and front-wheel drive. Apparently, the front axle driveshaft can develop cracks and separate.

Kia reportedly plans to increase production of Telluride SUV

A new report from overseas says that Kia will increase production of the new Telluride SUV to 100,000 units due to strong demand for the three-row hauler in the U.S. Korean news site Motor Graph reports the decision was announced on a conference call at Kia’s headquarters in Seoul; Autoblog has sought confirmation from a Kia spokesman. The news comes on the heels of word that the Telluride, along with its corporate sibling the Hyundai Palisade, were getting some minor price increases, the second for both, with the Telluride starting at $33,060, including destination, after launching at $32,735. ItÂ’s also the latest sign of the popularity and positive reviews of the Telluride, which went on sale in March of last year. The Telluride just won the title of 2020 North American Utility of the Year, vanquishing the Palisade and the Lincoln Aviator, and itÂ’s earned a slew of other honors from automotive publications and organizations. Kia builds the Telluride at its plant in West Point, Georgia and sold 58,604 models in the less than eight months it was on sale in 2019, with an established clip north of 6,000 per month by yearÂ’s end. Recent rumors have suggested Kia could be planning a range-topping trim level, complete with fancy new interior colors and an off-road package that could push the Telluride toward the $50,000 mark. Kia also plans to launch the compact Seltos crossover during the first quarter of this year. Meanwhile, corporate sibling Hyundai also launched the Palisade three-row ‘ute in 2019, one of two new Hyundai nameplates last year along with the compact Venue crossover, which launched in November. From its launch in June through December, the Palisade posted sales of 28,736, with steady month-over-month increases. A Hyundai spokesman said he had no information to share about production plans but said the Palisade was seeing good demand from car buyers. The Palisade is built in Ulsan, South Korea for the U.S. market. Related Video: