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2021 Kia Sorento caught completely undisguised at a commercial shoot

Remember when Kia just sold cheap warranties wrapped in sheetmetal? After looking over these fresh spy photos of the 2021 Sorento crossover, we'd forgive you for saying no, as those days are clearly well behind the Korean automaker.  Not even a week ago, we saw leaked images of a finished example hiding out underneath a sheet, but this week's unveiling is far more comprehensive. Our spies weren't crafty enough to position themselves for any interior shots, but we have just about every angle of the new Sorento's exterior, and quite frankly, we like it a lot.  Like most newer cars, the 2021 Sorento is rocking an almost full-width grille, but we'll forgive this unfortunate bit of trendy convention because the rest of the design looks clean, contemporary and practical.  While there are plenty of details and nuances to the sheetmetal, the overall shape is fairly minimalist. It's a classic SUV silhouette with only a slight taper to the rear glass, which should allow the new Sorento to hold a good bit of cargo even with the second-row seats intact.  Also in the rear, we see that Kia has taken a page out of some European designers' playbooks with a widely spaced "SORENTO" made up of individual letters across the bottom of the tailgate. Kia has also gone for a split vertical tail light design that places interior housings on the tailgate itself and exterior housings in the quarter panels.  This Sorento also shows what appear to be integrated exhaust finishers that are mirrored by reflector housings above them, giving the whole lower rear bumper a very futuristic look.  A Kia executive confirmed that hybrid and plug-in variants are planned for the redesigned crossover, however it's not clear yet whether (or when) those variants will come to the U.S.  We're expecting to learn more about the new Sorento soon, as we've just learned it will be revealed at the Geneva Motor Show in March.  Related Video:

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.

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