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Hyundai-Kia forecasts slowest sales growth in 8 years

Even with the arrival of the new Hyundai Genesis Sedan (above) and the expected introduction of at least two other new vehicles in 2014, Hyundai-Kia is estimating its sales will only increase by about 4.1 percent this year. Bloomberg has found that figure, which works out to a total of 7.86 million vehicles worldwide, to be lower than average analyst estimates of eight million vehicles. If the automaker is correct, that figure will represent the most sluggish growth for the Korean brands since 2006.
Based on an exchange rate of 1,050 won to the dollar - right now it's trading at anywhere from 1,050 to 1,052 depending on where you look - Hyundai is predicting a 3.8-percent uptick for sales of 4.9 million units, while Kia is expecting a 4.7-percent uptick for sales of 2.96 million units. That exchange rate is predicted to be part of what will hamper sales this year, with a stronger South Korean won making Japanese cars more price-competitive when cross-shopped. It's unclear how Hyundai derived its exchange rate, but 1,050 won to the dollar almost matches the 52-week high for all of 2013.
The company chairman mentioned a "low growth era" in the world economy, and weaker US sales are rumored to at least part of the reason John Krafcik recently vacated the post of Hyundai Motor America CEO, a post that has been filled by executive vice president of sales, David Zuchowski. That unexpected news capped a year in which two top execs resigned over quality issues and recalls and Hyundai agreed to settle a consolidated lawsuit over inflated fuel economy ratings for $395 million.

Kia's Imagine concept is a high-riding, electric sedan

Kia released teaser images of its Geneva-bound concept car late last month. The one detail that stayed with us the most was the fact that the futuristic dashboard consisted of 21 small screens side by side. Kia was in on the joke, calling it a "humorous riposte" to the industry's obsession with implementing screens. But the rest of the concept car, shown today, is no joke. The ' Imagine by Kia' concept is a swoopily shaped, somewhat muscular, high-riding, all-electric sedan with suicide doors, which might or might not introduce some interesting new design themes for future Kias. There's a new logo, which is far more stylish than the existing one, and the front features a LED DRL arrangement that frames the headlights like the car wore stylish glasses. It's a bit like the Saab 9-5 "Dame Edna" facelift, but far better realized, and the "Tiger Mask" Kia front end treatment has been developed further. The roof and the windscreen are a single piece of glass, in the style of the Tesla Model 3, and the Imagine also features a frunk in addition to the trunk. But the concept is far taller than the Model 3 and more aggressively shaped, riding on 22-inch alloy wheels with acrylic glass inserts and with bespoke Goodyear tires and featuring sharp strakes on the curvy bodywork. The paintwork is said to consist of six hand-applied layers of chrome-effect paint with a bronze tint on top. And about those tires: they themselves are a Goodyear concept, called IntelliGrip, which means they detect and convey road conditions to the car and driver and adjust handling attributes accordingly. Related Video:

Hyundai reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.