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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.

With more power and better mpg, the 2017 Kia Soul Exclaim is one to get.

We got our first look of the turbocharged Kia Soul just over a month ago at the Paris Motor Show in the form of the Soul SX. Because it was the Euro-spec model, we couldn't be sure just how much of it would change for the American market. But now it's abundantly clear that the US-spec Soul Exclaim is the very same car. The understated body modifications, the 201-horsepower turbocharged 1.6-liter engine, and the upgraded interior all make the trip to the States. We do learn a few more details now that the American model has been unveiled. One of the most surprising ones is the gas mileage. Although the Soul Exclaim is by far the most powerful trim in the range, it also yields the best fuel economy. The combined city and highway rating is 28 mpg, which tops the second-highest rated Soul Plus by 1 mpg overall. For reference, the Soul Plus is only offered with a 2.0-liter, 161-horsepower, naturally aspirated four-cylinder and a 6-speed automatic. The 130-horsepower naturally aspirated entry-level Soul only gets 26 mpg, regardless of whether it's equipped with a manual or automatic. This does bring us to a disappointing tidbit about the Kia Soul Exclaim. It's only available with a 7-speed dual-clutch transmission. A spokesperson from Kia told us that the reason for this was to improve fuel economy and get the most performance out of the car. He also mentioned that the take rate for manual transmissions is very low. While we understand the reasoning, we still hoped it would be offered with a clutch pedal, especially since the engine is shared with the Hyundai Veloster Turbo and the Elantra Sport, both of which are available with 6-speed manuals. However, if you don't have to row your own gears, the Soul Exclaim is by far the model to get. It goes the fastest, is the most efficient, looks the best, and has the nicest interior, complete with a 315-watt stereo with subwoofer. Kia hasn't revealed pricing yet, but it's safe to say it will be the most expensive Soul, too. But if you want a Soul and have the means, this is the obvious choice. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

NACTOY winners, and driving the Genesis GV60, Polestar 2, Mercedes-AMG GLS 63 | Autoblog Podcast #813

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Electric, John Beltz Snyder. This week, we discuss the North American Car, Truck and Utility of the year winners: The Toyota Prius, Kia EV6 and Ford Super Duty (and Greg explains his votes). In other news, we talk about GM offering $7,500 incentives for EVs that lost their tax credits, another possible calendar change for the Detroit Auto Show and Stellantis potentially scaling back its auto show presence. Greg spent his winter break with the Genesis GV60 and Polestar 2, while John has been driving the Toyota Prius Prime and Mercedes-AMG GLS 63. Finally, they take to Reddit for this week's Spend My Money question, and pick a sedan under $6,000. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #813 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Toyota Prius, Ford Super Duty, Kia EV9 are 2024 North American Car, Truck, Utility of the Year winners GM offers $7,500 incentive for EVs losing tax credit Detroit Auto Show going back to January? Stellantis done with auto shows, or is it? Cars We're Driving: 2024 Genesis GV60 Performance AWD 2024 Polestar 2 RWD 2023 Toyota Prius Prime XSE Premium 2024 Mercedes-AMG GLS 63 Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Podcasts Ford Genesis GM Kia Mercedes-Benz Toyota Truck Crossover SUV Electric Hybrid Luxury Performance Sedan Polestar