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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.

Hyundai Group invests $90 million in Rimac to develop electric halo cars

The Hyundai Group is the next large automaker to make pilgrimage to Croatia, all for the purpose of investing 80 million euros ($90 million) in Rimac. Hyundai has chipped in 64 million euros ($72 million), while Kia added 16 million euros ($18 million). The tie-up puts a much faster spin on the South Korean automaker's electrification goals, with current plans to get 44 "eco-friendly models" on sale by 2025. Developing products with Rimac means working up two proper halo models to lead the charge. The press release stated Hyundai's intent to "to lead the high-performance electrified vehicle market and enhance its status as a game changer in Clean Mobility." According to Thomas Schemera, EVP of the group's product division, "Our goal is to popularize electric vehicles and to create social value through world-class technology and innovation in performance." The Hyundai Kona Electric, Ioniq and Nexo, and the Kia Soul EV and Niro EV have all won praise, but won't be enough in their current forms to garner the attention Hyundai and Kia desire. We'll see first fruits as soon as next year. Two high-performance electric prototypes are expected to debut, one being a battery-electric vehicle, the other a hydrogen fuel cell EV. The battery-powered offering will be a zero-emission version of Hyundai's mid-engined sports car for the N division. This has been in the works for seven years now, with three concepts put on show starting with the Veloster Midship in 2014. The RM15 followed a year later, the RM16 N (pictured) a year after that. The automaker didn't indicate what the FCEV would be. The aim, however, is to bring both to marker "at a later time." On Rimac's side, the investment helps the small Croatian on its quest for Tier 1 Supplier status. Only ten years old and employing about 500 people, Rimac has supplied technology to Aston Martin for the Valkyrie, Jaguar for the E-Type Zero, Koenigsegg for the Regera, and Pininfarina for the PF0. Porsche bought a ten-percent stake in Rimac last year, following a 30-million-euro investment from Chinese battery maker Camel Group to take a 19-percent stake. The Eastern European concern remains focused on its own bowtie-inspired hypercars as long as founder Mate Rimac leads, though. As he told Motor Trend in April, "Of course I'm very passionate about helping other manufacturers build their cars. But if the shareholders decide it doesn't make sense to produce our own cars, they we'll have to find another CEO."

Kia hopping on the 48-volt ultra-mild hybrid bandwagon

Kia has announced that it will join an expanding line of automakers, including Audi, Ram, Volvo and others, adding ultra-mild 48-volt hybrid systems to their engines. The system works like other systems in that it has a combination starter and generator connected to the engine crank via a belt. It allows the engine to be shut off earlier than simply at a stop, and provides a bit of electrical assistance to reduce how much the engine has to work on takeoff. The system will first be implemented in Europe with the Kia Sportage and with its diesel engine in 2018. In 2019, the Kia Ceed small car will also be offered with the system. Kia says the system will also appear on gasoline engines in the near future. However, a representative from Kia's U.S. branch wouldn't comment either way on whether the technology will come to America. We think it's a pretty safe bet that we'll see the technology offered in the U.S. soon. Kia makes it clear that this system is designed to be easy to implement. It says there are hardly any packaging issues, usually putting the battery under the trunk floor, and the starter/generator motor doesn't typically require reworking the engine bay much. It also should work with rear-, front-, or all-wheel-drive layouts and with manual and automatic transmissions. If it were only going to be on diesel engines, we could see how Kia might not bring it, but since it will also be featured on gas engines, we're sure it will show up on our shores soon. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.