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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.

South Korea firms up fuel economy regs following Hyundai/Kia debacle

According to a report from Reuters, South Korea's government has drafted strict new rules for automakers to follow when calculating fuel economy. The legislation comes after a major snafu by Hyundai and Kia that resulted in the automakers lowering the estimated fuel mileage of many popular models - some by several miles per gallon, including the Soul subcompact above - and compensating owners in the US and Canada for the reduction.
The new fuel economy rules were announced by the Ministry of Trade, Industry and Energy in South Korea and will see average mileage ratings drop by roughly three to five percent, according to the report. In addition, manufacturers found guilty of overstating mileage figures will be liable for fines of up to $900,000.
These sweeping new regulations will go into effect in the second half of 2013 and, while they won't have any effect on EPA estimates for Hyundai and Kia vehicles in the United States, they are expected to result in new ratings for the two automakers in their home market of South Korea, where they enjoy a whopping 70-percent market share.

Hyundai Le Fil Rouge concept shows the future of brand's design

At this year's Geneva Motor Show, Hyundai revealed a concept called the Le Fil Rouge, which in English means "the common thread." Though the car has an unusual name, it's important for the Hyundai brand because this car represents the future of the company's design. Elements found on this concept will be applied to all future Hyundais, be they sedans, hatchbacks or crossovers, which also partly explains the car's name. Hyundai says the name also comes from how the car builds on Hyundai's past design and is a "reinterpretation" of its 1974 Coupe Concept. We're not so sure about that last part, but we think the Le Fil Rouge is a mighty handsome sedan, and its future production cars should look pretty good. Aside from a "common thread" of design, Hyundai says the car's theme is "sensuous sportiness." That seems to translate into a low-slung, curvy, coupe-like sedan form. At the front, the nose is very low, and it's dominated by a massive version of Hyundai's corporate "cascade" grille. It's actually a bit reminiscent of the recent Lagonda sedan. It appears that the grille contains lighting elements all throughout. It should be easy to translate this design into conventional radiator grilles, huge lights, or simple, blocked off styling motifs for electric vehicles. This low, wide grille leads into a long hood and front fenders with classic rear drive proportions. The hood has two large creases in the middle that lend some aggression to the swoopy shape, and there are two bright metal accent lines that run up the sides and loop up and around the windows back toward the hood. Along the side, we find a bold character line that lines up with the end of the headlight. It trails back along the car and merges with the rear panel that would likely contain the taillights. The roof also has a bit of a fastback look, ending at the trunk lid. It also contains a rear window with a double-bubble shape. It's an elegant, organic car that does some cool things with lines and curves. It will be interesting to see how it translates to production cars. Related Video: Featured Gallery Hyundai Le Fil Rouge Concept: Geneva 2018 View 9 Photos Related Gallery Hyundai Le Fil Rouge concept View 13 Photos Image Credit: Live photos copyright 2018 Drew Phillips / Autoblog.com Design/Style Geneva Motor Show Hyundai Concept Cars Sedan 2018 Geneva Motor Show