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Hyundai, Kia ratchet up fleet sales as retail transactions slide

Automotive News reports both Hyundai and Kia have stepped up fleet sales in an attempt to offset disappointing first quarter results. The Korean automakers saw their sales decline by nine percent compared to last year, while all major competitors managed to increase their sales. That situation marks an inversion of two years ago, when both gained ground after Japanese rivals suffered production and inventory shortages after the country's earthquake and tsunami tragedies.
Now, Hyundai can't come up with enough volume models in popular trim configurations to satisfy buyers, and lower-volume models are also in a snag. At the moment, Hyundai can only build 20-30 percent of Veloster hatchbacks with turbocharged engines while the US market would apparently support closer to 70 percent.
In order to reverse the sales slide, Hyundai and Kia have stepped up fleet sales of the vehicles they do have by some 50 percent, ringing up a total of 42,400 units in the first quarter. By contrast, Automotive News reports the seven largest automakers increased retail volume by seven percent and fleet sales by four percent as a group.

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.

A 247-hp Hyundai Kona N crossover could be a thing

Hyundai's N Performance sub-brand has its sights on the Kona, the automaker's brand-new compact crossover, for its possible next makeover. If it meets with the approval of Hyundai brass, it'll reportedly do 247 horsepower courtesy of the 2.0-liter turbo engine borrowed from the i30 N. Hyundai's N performance boss Albert Biermann tells Auto Express he has instructed his engineers to develop a test mule version of the Kona to consider for production by the end of the decade. "I've told them to build the car and we'll see what happens with it getting approved. It has to be the i30 N powertrain, really," Biermann told the British website, adding that engineers could give the Kona different suspension and steering specs. The i30 N is Hyundai's not-for-America performance fastback and the N division's first offering. It's based off the i30, an overseas version of the Elantra GT, offered in three body styles — hatchback, wagon and "fastback" sedan — and fitted with a six-speed manual transmission. It has two engine options: the aforementioned 2.0-liter four-cylinder and a version generating 271 horsepower that will power the Veloster N, which will come stateside. By contrast, the Kona has two engine possibilities: a 2.0-liter four-cylinder that makes 147 hp and 132 pound-feet of torque, or a 1.6-liter turbocharged engine that does 175 hp and 195 lb-ft of torque. So the N upgrade would represent a significant boost in power over either of those engines. What other features could a Kona N offer? It could go the N route with a large grille, red-trimmed undercarriage, specialty badging and interior trim and suspension upgrades. Auto Express says upgrades could include a rear diffuser, small roof spoiler and exposed rear tailpipes. Hyundai has sold 5,874 units of the Kona through April since going on sale in February. It also plans an all-electric version for 2019 that will only be offered in the longest-range version in America, which is estimated to go 250 miles on the U.S. test cycle. That version will also be offered in Europe where the estimate is 292 miles of driving range. An entry-level Kona Electric will also be available in Europe with and estimated 186 miles of range. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.