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Hyundai-Kia names former Audi, Lamborghini, Bentley designer as design chief

Luc Donckerwolke, former designer for both Bentley, Audi and Lamborghini, is succeeding Peter Schreyer as the lead designer for both Hyundai and Kia. This follows a significant shuffle within the Korean automaker's upper management. Schreyer — himself a former Volkswagen Group designer — will head design management. Chung Eui-sun, the son of company chairman and CEO Chung Mong-koo, was promoted as executive vice chairman. The head of Hyundai Motor America, Kyung Soo-lee, is leaving his position after just more than a year on the job. That's a lot of moving pieces at the top of Korea's largest automaker. Donckerwolke has been with Hyundai-Kia since 2015 when he left the Volkswagen Group to take over Genesis design. Some of his most famous designs include the Lamborghini Murcielago, Lamborghini Gallardo, Bentley Flying Spur and Bentley EXP 10 Speed 6. Schreyer led the design of the original Audi TT and has helped push forward Hyundai and Kia. The pair's influence can be seen and felt throughout the company's lineup. According to Reuters, part of the shakeup within the leadership follows a company announcement that third-quarter profits have fallen, sending shares to their lowest level in nine years. Related Video:

Kia confirms $1B factory in Mexico to be completed in 2016

Kia is the latest in a string of automakers to announce plans to build new or expanded factories in Mexico. The Korean company has signed a $1 billion deal to establish a plant in Monterrey in the state of Nuevo León, with construction starting in late September. If everything proceeds on schedule, the facility should be complete in the first half of 2016 and be able to produce 300,000 vehicles a year.
The $1-billion investment will create a "new, highly automated manufacturing plant," according to Kia's announcement, a facility covering 1,235 acres of land. Confirming earlier rumors, Kia will produce compact models there, but the company won't reveal specific model names, just yet. When complete, the factory in Mexico will boost the automaker's annual capacity to 3.37 million vehicles a year with 1.69 million of those in Korea and 1.68 million abroad. It will also join Kia's plant in Georgia (where the Optima and Sorento are made) as the business' other North American location.
Kia hasn't kept plans for the Mexican factory a very close secret and openly admitted it was "being considered as a possible location" to Autoblog. The country was chosen partially because of its free-trade agreements (read: NAFTA), that make it less costly to move models elsewhere, not to mention its easy access to the North, Central and South American markets. The new plant should also alleviate some of the tight supply issues Kia has had in the US.

How automakers stand to benefit from Iran

The big global news of late is a deal that sees a number of major powers easing some sanctions on Iran in return for the Middle Eastern nation scaling back its nuclear program. This thawing of relations between Iran and the West could have far-reaching impacts in both the near and long term, particularly on the auto industry.
As Bloomberg points out, foreign manufacturers, especially Kia and Peugeot, stand to win big by this short-term easing of sanctions. But the impact of opening up the Iranian market to larger-scale sales cannot be underestimated - Peugeot, for example, sold 457,900 units to Iran in 2011 as spare parts kits alone. Opening the Iranian market could also have a huge impact on the cost of oil, as the country was one of the largest producers in the OPEC consortium before firmer sanctions took effect in 2012. Still, as David Cohen, US undersecretary for terrorism and financial intelligence said, it's "not open season now for business in Iran."
Bloomberg has an excellent report of all the near-term effects an easing of sanctions has across a number of industries. Hop over and give it a look.