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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.

A new Hyundai Accent arrives next week with baby Elantra styling

The teaser video above doesn't leave much to the imagination, giving us a very good look at the shape and some details of the 2018 Hyundai Accent sedan. But this is all we get until the car is fully revealed at the Canadian International Auto Show in Toronto on Thursday, February 16. From the flashes of light and silhouettes, it's apparent the new subcompact Accent sedan will take pretty much all of its cues from the compact Elantra, which itself was updated for 2017. The Elantra, in turn, looks like a combination of about three other cars, but it manages to blend those designs in a handsome way. Its almost fastback design, LED lighting signature, and hexagonal grille all appear to carry over to the new Accent. We expect Hyundai to continue to offer a five-door Accent hatchback in this next generation as well. As for the interior, we expect a similar complement of new features, like infotainment with Android Auto and Apple CarPlay functionality and some new safety systems. Mechanicals are likely to be very similar to what's available on the Accent today, which means a relatively efficient four-cylinder, probably again displacing 1.6 liters and making about 140 horsepower. We'll of course bring you all the details once the car is revealed next week. Related Video:

Hyundai plans $388 million expansion at engine plant in Alabama

Hyundai says it is investing $388 million to build a new plant in Alabama to manufacturing engine heads and update technology in an existing engine plant to support production of new Sonata and Elantra sedans and the Santa Fe crossover. The investment will also include 50 new jobs at its manufacturing complex in Montgomery. About $40 million will go toward constructing a new 260,000-square-foot engine-head machining plant, which is expected to be completed in November and operational by mid-2019. Hyundai says the project will free up space to expand engine assembly lines in two existing engine plants in Alabama. Hyundai plans to begin producing the Theta III engine, likely a 2.5-liter four-cylinder (though Hyundai won't confirm the specs yet), in April 2019 for the Sonata and Santa Fe crossover. It will continue to build the 2.0-liter Nu engine for the Elantra at its plant in Montgomery. Together, the engine plants build about 700,000 engineers per year to support vehicle production in Alabama and Kia's manufacturing facility in West Point, Ga. Hyundai Motor Manufacturing Alabama started vehicle production in May 2005 and employs 2,700 full-time and 500 part-time employees. Related Video: Image Credit: Hyundai Plants/Manufacturing Hyundai Crossover Sedan hyundai santa fe