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Hyundai Motor reassigns 17 top execs to make way for fresh ideas

SEOUL — South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business empire. The reshuffle, first reported by Reuters on Tuesday and confirmed by Hyundai on Wednesday, is part of preparations for generational change in the executive ranks at South Korea's second-largest family-owned business empire. Group President Albert Biermann, a German former BMW executive, was named head of research and development, replacing longtime executives Yang Woong-chul and Kwon Moon-sik. The move was seen as a significant step to bring in fresh ideas at the Korean-dominated group. In all, 17 top executives were reassigned across the group including at Hyundai Motor Co and Kia Motors Corp — which together form the fifth-biggest automaker in the world. The move follows the promotion of Euisun Chung in September to Hyundai Motor's executive vice chairman, moving him closer to succeeding his 80-year-old father, Mong-Koo Chung, as group chairman. It comes as Hyundai Motor Co battles to reverse falling profits as a result of U.S. recall costs and weak sales in the U.S. and Chinese markets. Hyundai Motor Co shares jumped as much as 9 percent to their highest level since Oct. 10, while shares in affiliates like Hyundai Mobis, Hyundai Wia and Hyundai Glovis also rallied. While the announcement by Hyundai on Tuesday of a major investment in fuel cell production also lifted sentiment, analysts said most of the share price rise could be attributed to the leadership changes. In particular, it signaled that the junior Chung was making progress with his plans to restructure the sprawling group after a previous plan was scrapped due to opposition from U.S. hedge fund Elliott. "The reshuffle signals that the junior Chung is tightening his grip on the conglomerate, a move which raises investors' hopes for change," said Kim Joon-sung, an analyst at Meritz Securities. Ascendance of outsiders In a sign that Chairman Chung's grip may be weakening, one of his closest lieutenants, Hyundai Motor Co Vice Chairman Kim Yong-hwan, was reassigned away from the core automaker and named vice chairman of steelmaking affiliate Hyundai Steel.

Hyundai-Kia dealer offers $180k in gift cards to local residents

In many smaller communities, auto dealers are often major players in the local business and political world, and they interact with large portions of the population. Now, Grand West Hyundai and Grand West Kia in Grand Junction, CO, are putting their marketing dollars to work in a way to help the local economy, while also potentially generating some sales at the same time. Over the next six months, the dealers are contacting about 8,000 previous customers and offering them a gift card worth at least $50 to over 100 of the city's shops and restaurants (pictured above), according to Automotive News. All people need to do to receive the certificate is stop by the showrooms. Hopefully, the visitors would check out a new Hyundai or Kia at the same time. "We'd love to sell them a new car, but it is really a customer-appreciation gesture," said Ken Reeher, the dealers' marketing manager, to Automotive News. The two stores already bought about 3,600 cards with $181,000 going into the local economy. Paying people to come to the showroom isn't really new but generally works well. The Colorado dealers expect around half of the people they contact to visit for the gift card, which is still significantly more foot traffic than from traditional mailings. The decision to keep the cards local also means more money goes to small businesses, and the move gains goodwill in the community, too. News Source: Automotive News - sub. req.Image Credit: Aaron Hoffman Marketing/Advertising Hyundai Kia Car Buying Car Dealers colorado

Production version of Kia Imagine concept due in 2021

In an interview with Automotive News Europe, Kia Europe COO Emilio Herrera said the Imagine concept that debuted at this year's Geneva Motor Show should turn into a production model "in one or two years." Gregory Guillaime, Kia's European VP of design, said the Imagine is a "large C-segment car" intentionally blurring the distinctions between body types, a press release describing the concept as "drawing together elements of a muscular sports utility vehicle, a sleek and athletic family saloon, and a versatile and spacious crossover." Herrera didn't give any details on how the production version will differ from the concept. Flourishes like the windshield glass flowing uninterrupted into the roof and the 21 interior screens aren't likely to make it out of the studio. We do know that Kia plans a new, pure EV architecture shared with Hyundai. This will support larger, more powerful electric offerings that boast more range than products like the Kia e-Niro and Soul EV. The e-Niro is rated at 282 miles on Europe's WLTP cycle, it's said Kia wants to hit 500 miles of range. The automaker would only say of the Imagine's powertrain that it is "a low-mounted, induction-charged battery pack that powers a compact drivetrain." More importantly, the powertrain will focus on performance, "approaching electrification purely from an emotional point of view,” and pitched by Autocar as competing against EVs like the Polestar 2. As a C-segment competitor like the Ford Focus or Volkswagen Golf, the chances of the Imagine making it to the U.S. are unknown. Herrera made his comments in a conversation about Europe's impending CO2 emissions regulations. At one point, Herrera explained the five methods he sees for dealing with the emissions caps, and we can already divide automakers among those five tactics. The Imagine, and other Kia vehicles with alternative powertrains on the way, are how the Korean automaker will avoid fines. The full interview is worth a read. Herrera lays out some of the difficulties in the EV landscape, such as achieving the necessary volumes, pricing, and battery supply, and explains why he doubts some competitor's claims about launching inexpensive subcompact EVs. Related Video: