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Hyundai promoting younger execs in bid to 'smoothen an eventual leadership succession'

Experience versus the next generation. It's the decision any organization has to make when it comes to its succession of leadership. But even companies that value wisdom over vitality will eventually have to hand the reins to a new generation of leaders. And that seems to be what the Hyundai Motor Group is preparing for. The Korean automaker has promoted three executives in their early 50s to the rank of Executive Vice President. Chief marketing officer Cho Won-hong (50), PR chief Kong Young-woon (50) and Kim Gyun (52), head of strategic planning at Kia, are all being promoted to the role, putting them in senior leadership positions at one of the world's largest automakers. Reuters frames the promotions as earmarked to "smoothen an eventual leadership succession" at Hyundai. The family-owned company is currently chaired by Chung Mong-koo (76), who has given little indication that he's preparing to step down in the near future. But when he does, he's widely expected to relinquish control to his only son, current vice-chairman and former Kia president Chung Eui-sun (44, pictured), who is said to have chosen the aforementioned US-educated Cho for the promotion. News Source: ReutersImage Credit: SAMUEL KUBANI/AFP/Getty Hirings/Firings/Layoffs Hyundai Kia

2018 Hyundai Kona vs other small crossovers: How they compare on paper

The 2018 Hyundai Kona is the hottest new thing in the hottest new segment: subcompact crossovers. Or B-segment SUVs. Or whatever you might want to call this hodge-podge collection of vehicles of vaguely similar specs. Each is pretty much just a raised hatchback in some form (or literally in the case of one entry), skewing the increasingly vague line between car and SUV. If there was ever a segment that deserved the term "crossover" for more reasons than just its car-based unibody architecture, this would be it. Now, for this specs and photos comparison, we lined up the new 2018 Kona with an appropriate variety from that hodge-podge. Most are those that people are actually cross-shopping the Kona against — the Honda HR-V, Toyota C-HR and Subaru Crosstrek — while the Kia Soul and Jeep Renegade line up well in other regards. There are certainly others we could've included, but we're frankly a little pressed for spreadsheet space, and if you really want to know how a Chevrolet Trax, Fiat 500X or Ford EcoSport would've stacked up, you can always use our Compare Cars feature. (You can also check out our Mitsubishi Eclipse Cross comparison that includes a few larger choices) Performance, fuel economy and drivetrains Immediately you can see how all over the map this segment is. True, all but the Jeep come with a standard naturally aspirated four-cylinder and fairly comparable horsepower. Torque differs, but not wildly so. Then things get nuts. Some are automatic only, the Toyota is CVT only, the Honda and Subaru come with a manual standard and offer a CVT as an option. The Renegade's base engine is manual-only ... in 2018. Of course, then things flip-flop with the Renegade's upgrade being naturally aspirated and the Hyundai and Kia offering turbocharged mills. The Korean corporate cousins also come with automated manuals, whereas the Renegade has a box with nine gears selected by a lethargic monkey. Then there's the drivetrain. The C-HR is front-drive only, which pretty much cements the Soul's place in a segment it arguably created despite not offering all-wheel drive. That's the only way to get the Crosstrek, while the Honda and Hyundai offer a typical option of a part-time system. In Jeep fashion, the Renegade's "four-wheel drive" systems differ by trim level.

Why BMWs are cheaper than Hyundais in Korea

Bloomberg reports shifting tariff regulations have upended the traditional automotive pecking order in Korea. Thanks to cheaper import taxes, foreign brands have seen market share jump from 28 percent to 41 percent over the last two years. BMW, Mercedes-Benz and Audi have all capitalized on the shift, with domestics like Hyundai and Kia suffering at the hands of their German rivals.
Taxes on European imports have fallen from 8 percent in 2011 to just 3.2 percent today. Over the next few years, tariffs will all but be eliminated for most imports, and taxes on US-made vehicles are expected to fall to just 4 percent in 2014. By 2016, that number will be zero. Needless to say, Hyundai and Kia are concerned about the shift.
Hyundai has seen profit fall by 15 percent last quarter, and the company says it is on pace to see the slowest sales growth since 2007. The company's shares have fallen by 12 percent. In order to stem the losses, Hyundai has discounted its midsize sedans and started working on diesel engine options.