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South Korea assists auto industry struggling with coronavirus fallout

SEOUL —  South Korea said on Monday it would provide logistical and financial support to help its auto industry through the coronavirus crisis, warning of disruptions to supply chains from Europe and the United States. The government said it would speed up customs clearance, arrange freight transportation and provide liquidity support for the industry, which employs about 12% of South KoreaÂ’s workforce, according to official figures. The coronavirus pandemic has led to shutdowns at auto factories and dealerships in the United States and Europe, which are expected to affect South Korean automakers such as Hyundai and Kia. “ItÂ’s time to prepare for the shock of a global demand contraction and European supply issues,” Industry Minister Sung Yoon-mo said in a meeting with parts supplier executives and industry associations, according to a readout from the ministry. “Survival is the most crucial thing in this unprecedented crisis when both demand and supply contract at the same time.” The ministry gave no details on how much liquidity support the government would provide or what form it might take. The assistance is part of 50 trillion won ($39 billion) in emergency financing announced last week to boost the economy. South Korea has reported 8,961 coronavirus cases and 110 deaths from the disease. Hyundai Motor closed its Montgomery, Alabama, assembly plant on Wednesday after an employee there tested positive for COVID-19. It also suspended production at its plants in the Czech Republic and India due to the coronavirus outbreak. Europe and the United States account for about 70% of Korean automakersÂ’ exports, and 54% of Korean parts exports, government data showed. A trade ministry official said South Korean exports would deteriorate in April and May, after rising 10% year-on-year in the first 20 days of March. Car exports rose 13.7% in the period, customs agency data showed on Monday. “For the time being, a drop in exports of cars and auto-parts are inevitable as car factories and dealerships are closing,” Sung said. South Korean automakers had stocked up on inventories which could last up to two months, Sung said. Related Video: Earnings/Financials Government/Legal Plants/Manufacturing Hyundai Kia coronavirus

Unsurprisingly, the 2017 Kia Cadenza's price undercuts its competition

When we drove the 2017 Kia Cadenza, it struck us as being "fine." It doesn't stand out from the mundane crowd of near-luxury sedans, but also manages to hold its own in an unexciting-by-design segment. If the car's styling and the driving experience weren't enough to get you interested in the Cadenza, maybe the price will. The Cadenza will be offered in three trims: Premium, Technology, and Limited. The Premium trim will start at $32,890, representing a $950 decrease from the least-expensive 2016 Cadenza model. There are two packages available on the Premium: the $3,000 Luxury package and $1,000 Panoramic Sunroof package. The Luxury Package adds a variety of features, including a Harman Kardon 12-speaker audio system, and power-folding outside mirrors, as well as a rear parking assist system. As its name implies, the panoramic sunroof package adds a massive sunroof with a power-operating shade, as well as LED interior lighting. The contents of both come standard on the upper trim levels. The next step up is the Technology trim, which adds things like autonomous emergency braking, forward-collision warning, and high-beam assist, and has a starting price of $39,890. The range-topping Limited trim adds Nappa leather seats, a head-up display, a feature to open the trunk when you're standing nearby, and other goodies for $45,290. And for people doing some cross-shopping, the base price of the Premium trim undercuts those of the Cadenza's competitors – the Nissan Maxima, Toyota Avalon, and Buick LaCrosse. So there's something to be excited about. Related Video: Featured Gallery 2017 Kia Cadenza: New York 2016 View 11 Photos News Source: KiaImage Credit: Live photos copyright 2016 Drew Phillips / AOL Kia Luxury Sedan pricing kia cadenza

2018 Kia Niro Plug-in Hybrid revealed, boasts 26 miles of electric range

The 2018 Kia Niro Plug-in Hybrid was introduced Thursday at the 2017 Los Angeles Auto Show, adding a considerably larger battery pack to the existing Niro Hybrid crossover. With an estimated 26 miles of all-electric range, the Niro Plug-in is in the same ballpark as most other plug-in hybrid models like the Toyota Prius Prime (25 miles), Hyundai Ioniq Plug-in (29 miles) and Kia's own Optima Plug-in (29 miles). The Chevrolet Volt is the king of the castle at 53 miles. When the all-electric range is exhausted, it'll get 48 mpg city, 44 mpg highway and 46 mpg combined. That's actually a bit worse than the regular Niro (51 city/46 highway/49 combined), though that difference isn't as great it might seem given actual gas burned and the all-electric range. The estimated mile-per-gallon-equivalent rating is 105 MPGe. That's actually about the same as the Volt (106) and Optima (103), but less than the Prius Prime (133) and Ioniq (119). This is all achieved by the addition of a 8.9-kWh lithium-polymer battery pack and a 60-horsepower (44.5-kw) electric motor. This compares to the regular Niro Hybrid's 1.56-kWh battery pack and 43-hp motor. Despite its greater capacity, the battery doesn't take up any extra interior space, still fitting under the back seat and cargo area. It can be recharged in approximately 2.5 hours using a 240V charger, or in less than 9 hours using a regular household 120V outlet. Besides the powertrain, the Niro Plug-in is essentially the same beyond a few minor styling updates. There is a slightly different "grille" insert and some blue trim accents. It can also be equipped with LED headlamps. Related Video: